Barcelona secure 500 million euro loan from Goldman Sachs
Barça president Joan Laporta has negotiated credit which will guarantee the stability of the club for the next two years, sources told 'L’Esportiu'.
North American investment bank Goldman Sachs have reached an agreement which appears more like a lifeline for FC Barcelona which will help them through their delicate economic situation. According to Catalan daily L’Esportiu in reports which AS can confirm, the investment bank has agreed to give Barcelona a 500 million euro loan (100M of which will be made available to the club immediately) to ease the club's situation. Barça have spent the past few months teetering on the brink of bankruptcy.
According to the club's most recent annual report, their debt stands at 1,173 million euros, of which 730 million is due to be serviced in the short term. Breaking that figure down further, 263 million comprises financial debts to banks, 160 million in debts owed to members of staff who have deferred their wages and 200 million to cover bond financing.
Following the agreement with Goldman Sachs, club sources informed the Catalan daily that Barça had effectively guaranteed "two years of peace".
Josep Maria Bartomeu's board had previously established contact with Goldman Sachs with a view to refinancing Barça's debt, but that agreement was only to provide funds for the Espai Barça project. The club is at will to spend new loan however it wants. In other words, it will be used to service cash-flow leakage.
According to the sources consulted, the club has secured " better terms of credit than offered by traditional banks or a syndicated loan".
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