After agreeing to sell 10 percent of their La Liga broadcasting rights to the investment firm Sixth Street, Barcelona will end the financial year with a profit.
There have been rumors about the deal for a while, and on Thursday, the last day of the club’s financial year, the club finally confirmed the news.
Sixth Street will put in €207.5 million at first, and in exchange, it will get 10 percent of the club’s La Liga TV rights for the next 25 years.
Barca’s financial problems have been in the news a lot lately, and president Joan Laporta was quick to point out that this cash infusion won’t solve all of them.
Laporta said, “We are pulling economic levers and putting into action our patient, long-term, and effective plan to strengthen the club’s financial footing.”
“Sixth Street is a proven supporter of football, a seasoned investor in sports and media around the world, and a partner who will give us a lot of knowledge and resources while still letting us run our business on our own.”
Alan Waxman, Co-Founder and CEO of Sixth Street, said, “We believe in the strategy Joan Laporta and FC Barcelona are using, and we’re proud that one of the most famous football clubs has chosen us to be its partner and capital solutions provider.”
“Our team looks forward to a long-term partnership in which we can help Barca continue to strengthen its organization and reach its strategic goals with our flexible capital and deep knowledge of the sports industry.”
Barcelona had planned to make big changes to their team this summer, but things have moved slowly. Even though deals for Franck Kessie and Andreas Christensen have been made for a long time, neither one has been confirmed yet.
Also, Robert Lewandowski, Marcos Alonso, and Cesar Azpilicueta are players that Barca are interested in.