June 17, (THEWILL) –The Members’ body of FC Barcelona has approved plans to sell 49.9% of the club’s merchandising company and 25% of the club’s television rights.
Officials at the club have spoken openly about the need to raise €500 million this summer to balance the books, and have even claimed that another €160 million must be cut from the pay bill before Barcelona can consider acquiring new players.
President Joan Laporta stated that the main majority of the funds will be raised by massive sales of Barca Licencing & Merchandising (BLM) and a portion of the club’s television rights, with the two agreements potentially totaling €700 million. Such commercial decisions must be authorised by Barcelona members, the majority of whom gathered on Thursday, for a general meeting to vote on the sales.
The BLM sale was first on the agenda, with a large majority voting in favour of selling 49.9% of the franchise. Laporta confirmed that offers of between €200 million and €300 million had been received, though recent reports suggest he is looking for more.
In the case of the television rights, it was yet another resounding success, with Barcelona executives poised to move forward with what might be extremely lucrative plans. Laporta revealed that they are seeking a 25-year deal for the TV rights, with each 10% of the shares worth €200 million. They intend to sell the remaining 25% for €500 million.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
