Salem Radio Network News Sunday, August 14, 2022

Sports

Soccer-Barcelona sell further 15% of LaLiga TV rights to Sixth Street

(Reuters) – Barcelona have sold a further 15% stake in their LaLiga TV rights for the next 25 years to U.S. private equity group Sixth Street, the club said on Friday, with The Financial Times reporting the investment is worth more than 300 million euros ($305.64 million).

Sixth Street have now purchased 25% of Barcelona’s income from LaLiga TV rights, having bought 10% for 207.5 million euros on June 30.

Barcelona signed Brazil winger Raphinha from Leeds United and Poland striker Robert Lewandowski from Bayern Munich following the first investment from Sixth Street.

The U.S. investment firm also has ties to Barcelona’s rivals Real Madrid.

“We continue to move forward on our strategy and are pleased to have completed this additional agreement with Sixth Street providing us with a meaningful increase in capital strength,” said Barcelona president Joan Laporta.

“Over the past few weeks, we and Sixth Street have engaged and collaborated with a shared understanding of what we are seeking to achieve for our organization, and we look forward to our long-term partnership.”

Laporta, who presided over one of Barca’s most successful periods between 2003 and 2010, said in August 2021 that the club’s debts totalled 1.35 billion euros, 673 million of which was owed to banks.

Last month, Barcelona approved the sale of a minority share of their licensing and merchandising division and the cession of up to 25% of their income from their LaLiga TV rights.

In March, the club signed a shirt and stadium sponsorship deal with Spotify in an agreement worth 280 million euros and approved financial plans in December to renovate Camp Nou, including raising an additional 1.5 billion euros in debt.

($1 = 0.9815 euros)

(Reporting by Manasi Pathak in Bengaluru; Editing by Toby Davis)

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