Barca sell off £272m more TV rights in bid to end financial crisis
Barcelona have sold off a further 15 per cent of their domestic TV rights to American investment firm Sixth Street, the LaLiga club have announced.
The 25-year agreement is worth a reported £272million and means Sixth Street has now acquired 25 per cent of Barca’s LaLiga TV rights after a £176m deal for 10 per cent was announced last month.
The investments are part of the club’s strategy to bring themselves out of financial crisis after severe losses in recent years.
Despite their financial situation, the club have signed the likes of Robert Lewandowski
Club president Joan Laporta said: ‘We continue to move forward on our strategy and are pleased to have completed this additional agreement with Sixth Street providing us with a meaningful increase in capital strength.
‘Over the past few weeks, we and Sixth Street have engaged and collaborated with a shared understanding of what we are seeking to achieve for our organization, and we look forward to our long-term partnership.’
Despite their financial situation, the Catalan club have signed Robert Lewandowski, Andreas Christensen, Franck Kessie and Raphinha ahead of the forthcoming season.
Barcelona have sold off a further 15 per cent of their domestic TV rights to Sixth Street
It follows a £176million deal for 10 per cent for the investment firm announced last month
They are also making a late attempt to hijack Chelsea’s move for Jules Kounde – though Laporta claims the Premier League side have won the race – and are also interested in Blues defenders Cesar Azpilicueta and Marcos Alonso.
Barcelona members voted in favour of selling off part of its retail arm Barcelona Licensing and Merchandising (BLM), and some of its future TV rights revenue last month.
At the time, club president Laporta said the deals could raise up to €700m (£600m).
Barcelona also struck a £235m deal with Spotify for rights on the redeveloped Camp Nou
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If the club can close deals for £600m they will swing the LaLiga-imposed salary cap from €144m (£123.4m) in the minus (as it stood last season) to something closer to €550m (£471.2m) in the positive.
The San Francisco-based Sixth Street Partners are already working with Real Madrid having signed a deal to commercially exploit the club’s renovated Santiago Bernabeu stadium.
In February, Barcelona also struck a £235m deal with Spotify for rights on the redeveloped Camp Nou as well as the shirt sponsorship.