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


The agreement, signed for 25 years, represents the economic injection necessary for the club to save this year after two consecutive years of losses

Joan Laporta, president of FC Barcelona. Kike Rincón (Europa Press)

Barcelona needed to close this Thursday, before the end of June, the 2021-2022 financial year with benefits and not with a negative balance that was estimated at 161 million.

They added -including the presidency of Josep Maria Bartomeu- two seasons with losses, after the 97 million of the 2019-20 academic year and the 481 of last year.

And the directive headed by Joan Laporta has achieved it in exchange for selling 10% of its television rights for 25 years to the investment company Sitx Street.

“This operation generates a capital gain of 267 million euros for the current season.

Sixt Street will initially invest 207.5 million”, explains the official statement from the Barça entity.

Authorized by the compromisers, Barça has yet to sell 15% more of the television rights -up to 25% can be made-, a maximum of 49% of the marketing company for its products called BLM, and Barça Studios.

Operations that take time to arrive and that, despite the economic injection of Sixth Street, do not generate enough financial

Fair Play

to be able to sign.

Moreover, there is still an imbalance in the wage bill, since the economic vice president, Edurard Romeu, specified that it must be cut by 160 million to be able to match it with that of Madrid (400 million), and the debt is estimated at 1,350 million.

"We are activating the economic levers and executing our patient, sustainable and efficient strategy to strengthen the financial base of the club", resolved Laporta after making the sale of television rights effective.

“We believe in the strategy that Laporta and Barcelona are implementing, and we are proud that one of the most successful clubs in football has chosen us to be their partner and provider of capital solutions”, added Alan Waxman, co-founder and CEO of Sixth. Street, a company with more than 60,000 million dollars in assets under management and committed capital.

And he added: "Our team looks forward to a long-term partnership, providing our flexible capital and extensive experience in the sports sector to support Barça as it continues to strengthen its organization and achieve its strategic goals."

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Source: elparis

All sports articles on 2022-06-30

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