Barcelona seals further €300mn from US group Sixth Street

by cloudnewsmag

FC Barcelona have made another investment worth more than 300 million euros from Friday Street, as the Catalan club moves to produce funds for its summer transfer deals.

The deal, due out as early as Friday, will give the American investment group an additional 15% stake in the club’s communications rights for 25 years, according to people familiar with the matter.

The San Francisco-based foundation has already agreed a A similar deal Worth more than 200 million euros for a 10% stake in the rights of the financially damaged football club just three weeks earlier.

Years of over-spending and the impact of Covid-19 have left Barcelona facing an accumulation of short-term debt. Last summer the club was forced to part ways with Lionel Messi, his veteran star player, while others were forced to postpone pay to help keep costs down.

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In an attempt to correct the balance sheet, the club decided last month to sell 25% of its media rights to up to 49% of its merchandise and sponsorship business.

The Spanish league sets financial rules that could block clubs from signing new players if they are breached, and pushes Barcelona to raise funds to run a transfer business before the start of the season.

Brazilian striker Rafinha with Barcelona president Joan Laporta last week when he was presented to club fans after signing from Leeds United © Enrique Pontcoberta / EPA-EFE / Shutterstock

Despite the potential obstacles, the club has already been active in bringing in players. Polish striker Robert Lewandowski signed from Bayern Munich this week, while Brazilian forward Rafinha joined from Leeds United. More big name signings are expected.

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The fee for the 33-year-old Lewandowski could reach 50 million euros, including extras. Following the move, Bayern manager Julian Naglesman described Barcelona as “the only club in the world that has no money but can buy any player”.

In addition to media rights deals with Sixth Street, Barcelona has brought in cash through a partnership with Spotify, the music streaming service. The three-year deal covers t-shirt and stadium sponsorship, which the Spanish media reported would generate 280 million euros for the club.

Barcelona and Real Madrid have opted for a 50-year deal signed by the rest of the Spanish league to sell part of its media rights to private club CVC, saying it is offering low value for money.

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Sixth Street, which has more than $ 60 billion in assets, became increasingly active in sports during the plague. It’s hit recently A deal of 360 million euros Has partnered with Real Madrid to renovate its stadium, and owns a minority stake in the San Antonio Spurs, the U.S. basketball team.

Barcelona seals further €300mn from US group Sixth Street Source link Barcelona seals further €300mn from US group Sixth Street

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