The CVC deal was a big part of the summer news cycle last summer in Spain, as clubs took sides in a deal that it is quite unlike any other in the other major European leagues.
La Liga accepted a 2.1 billion deal in exchange for 8.2% of the broadcasting rights revenue of the league for the next 50 years. All but three teams in the top two divisions agreed to the deal, the exceptions being the those which had never been relegated from La Liga: Athletic Club, Real Madrid and Barcelona.
The investment was split between the other clubs and can be invested in infrastructure, clearing debts and transfer funds, although there is a limit on the latter two of 15%.
Speaking at an event in Malaga to Mundo Deportivo, President of La Liga Javier Tebas confirmed that nearly half of the money had been distributed already.
We have already delivered a billion euros to the clubs. We are doing weekly controls, we have had meetings with hundreds of people involved.
[Many clubs] are already investing in stadium reforms, like the project presented by Villarreal.
That amounts to around 47.6% of the total funds available.
On Tuesday, Villarreal announced that they would be starting work on renovating the Estadio de la Ceramica next week. Rather than expanding the stadium, they are in fact reducing the capacity in order to improve the facilities and put a roof over all of the stands.