Wednesday, May 22, 2024

10% of television rights put Barcelona on the right track


Barcelona (AFP)
Barcelona, ​​a Spanish football club in financial trouble, has agreed to sell 10% of its television rights from La Liga to the US investment fund “Sixth Street” for about 207.5 million euros over the next 25 years. The Catalan Club has announced.
“Through this process, FC Barcelona’s gross capital gain for the current season reaches 267 million euros,” Barcelona said in a statement.
If the two parties do not reach an agreement, Barcelona is expected to end the year with a “loss of 150 million euros”, according to Catalan Sports Daily Sport.
The Sixth Street Fund receives 10 percent of La Liga’s fees for TV rights.
Barcelona President Joan Laporte said: “We are implementing our strategy that requires patience, stability and performance to implement economic leverage and strengthen the club’s financial base.
In the same context, Alan Waxman, CEO of the US Fund, commented: “We believe in the strategy implemented by Jon LaBorda and FC Barcelona. We are proud that one of the most successful clubs in football has chosen us as its partner and provider of capital solutions.
The move to sell the TV rights was one of two financial levers approved at the Socios “Food Contributing Club” general meeting in Catalonia last week, which sought to quickly increase the club’s revenue and allow it to make deals next season.
The club can sell up to 25% of the proceeds from TV rights for a maximum of 25 years, so look for a buyer for the remaining 15%. Sosius also agreed to sell 49.9% of the club’s company BLM.
“Thanks to these measures, we will get the surplus funds back,” Laporta told Socios when asked for permission to carry out these operations.
“We will repay the loan fairly and we will be able to make the necessary investments to make our teams more competitive,” he added.
Sixth Street is cooperating with Barcelona after signing a preliminary agreement with arch-rivals Real Madrid last May for around மில்லியன் 360 million to operate the renovated Santiago Bernabeu Stadium.
Under the agreement, the Spanish champion will receive a 30% discount on future proceeds from future concerts and events organized at Sixth Street and its subsidiaries in Bernabeu, according to the Financial Times and the Spanish Special Press.

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Camelia Garner
Camelia Garner
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