FC Barcelona reach agreement with State Street to sell 10% of TV rights
“We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club’s financial footing,” said Joan Laporta.
Barcelona have announced a new investment from Sixth Street, a deal that will see the Spanish club sell 10 per cent of their LaLiga TV rights for the next 25 years.
Barcelona members agreed at an EGM earlier this month to sell up to 25 per cent of their La Liga TV rights to one or more investors.
The agreement is worth €267 million for this season, with Sixth Street investing €207.5 million initially. The club’s members agreed to sell 49.9 per cent of the Barca Licensing and Merchandising (BLM) arm of the club, in order to raise capital for the 2021-22 season.
“We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club’s financial footing,” said Barcelona president Joan Laporta.
“Sixth Street is a proven supporter of football, an experienced investor across global sports and media, and a partner that will contribute significant knowledge and resources while allowing us to independently manage our operations.”
Sixth street
“We believe in the strategy Joan Laporta and FC Barcelona are implementing and are proud that one of the most celebrated clubs in football has chosen us to be its partner and capital solutions provider,” said Alan Waxman, Co-Founder and CEO of Sixth Street.
“Our team looks forward to a long-term partnership providing our flexible capital and deep sports sector expertise to support Barça as it continues to strengthen its organization and achieve its strategic objectives.”
The LaLiga club has debts in excess of €1 billion, resulting in a wage cap imposed by LaLiga and many senior players taking pay cuts at Camp Nou.
Barcelona’s deal with Sixth Street comes months after they rejected LaLiga’s deal proposed €2.7 billion deal with CVC Capital Partners.
Waiting to announce summer transfers
The Blaugrana have agreed deals to sign Denmark international Andreas Christensen and AC Milan’s Franck Kessié on free transfers this summer, but due to their financial constraints, they have yet to be made official.