By Jonathan Easton
Catalan football club FC Barcelona has reportedly agreed to sell a 10 per cent stake in its television media rights to US private equity firm Sixth Street.
The deal, reported on by local news outlet Sport, will be worth between €205-215 million(US$214.7-US$225.2million) and see the private equity firm own a tenth of the club’s TV rights for the next 25 years.
Barcelona members earlier this month voted to sell 10 per cent of its broadcasting rights, after rejecting the media rights deal between LaLiga and private equity firm CVC Capital Partners.
The Sport report notes that the deal was agreed on the eve of Barcelona’s deadline to close its budget with positive numbers by the end of June. Barcelona’s financial woes have had on-field ramifications as well, with the iconic club seeing its ability to sign new players and renew contracts hamstrung.
The club’s financial situation will be improved by this sale, with it reportedly rejecting proposals from CVC, Goldman Sachs and Bank of America.
Barcelona is also said to be considering selling up to 49.9 per cent of its TV production unit Barça Studios, along with the sale of an additional 15 per cent of TV rights.
