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Tuesday, August 9, 2022

Barcelona formalize the sale of 10% of its television rights to the Sixth Street fund for 207 million

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Joan Laporta, President of FC Barcelona.Kike Rincon (European press)

This Thursday, before the end of June, Barcelona had to close the 2021-2022 financial year with benefits and not with a negative balance estimated at 161 million. They added two losing seasons – including the presidency of Josep Maria Bartomeu – after the 97 million of the 2019-20 academic year and last year’s 481. And the policy, spearheaded by Joan Laporta, got it in exchange for selling 10% of its television rights for 25 years to investment firm Sitx Street. “This operation generates a capital gain of 267 million euros for the current season. Sixt Street will initially invest 207.5 million,” read the official statement from the Barça entity.

Authorized by the compromisers, Barça still has to sell 15% more of the television rights – up to 25% is possible – up to a maximum of 49% of the marketing company for its products named BLM and Barça Studios. Operations that take time to arrive and don’t generate enough despite Sixth Street’s economic injection fair play to sign financially. In addition, there is still an imbalance in the wage bill, as the vice-president for the economy, Edurard Romeu, has determined that it must be cut by 160 million to bring it in line with that of Madrid (400 million) and the debt are estimated at 1,350 million

“We activate the economic levers and implement our patient, sustainable and efficient strategy to strengthen the club’s financial base,” concluded Laporta after finalizing the sale of the television rights. “We believe in the strategy that Laporta and Barcelona are implementing and we are proud that one of football’s most successful clubs has chosen us as their partner and capital solutions provider,” added Alan Waxman, co-founder and CEO of Sixth Street, a company with more than $60,000 million in assets under management and committed capital. And he added: “Our team looks forward to a long-term alliance that will provide our flexible capital and vast experience in the sports sector to help Barça further strengthen its organization and achieve its strategic goals.”

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Source elpais.com

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