FC Barcelona and US Equity firm Sixth Street have struck an agreement for the former’s 10% La Liga TV rights for the next 25 years.

In return, Sixth Street will pay FC Barcelona 207.5 million euros ($215.84 million) for the 10% stake as the club looks to improve its financial situation with the club announcing the details on Thursday.

“We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club’s financial footing,” Barcelona president Joan Laporta said in a statement

The US investment firm also has ties with Barcelona’s archrivals Real Madrid, after reaching a 360 million euros deal in May to develop and operate new businesses at the Santiago Bernabeu stadium for 20 years.

“Our team looks forward to a long-term partnership providing our flexible capital and deep sports sector expertise to support Barca as it continues to strengthen its organization and achieve its strategic objectives,” Alan Waxman, Co-Founder, and CEO of Sixth Street said.

Barcelona’s board had earlier this month 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 La Liga TV rights. 

It is another attempt by Laporta, who presided over one of Barca’s most successful periods between 2003 and 2010, to try and rescue the club from fire financial situation he inherited from the previous regime.

He inherited a deep financial crisis that was exacerbated by the COVID-19 pandemic and,  La Liga’s Financial Fair Play (FFP) rules forced Barca to cut ties with their most successful player Lionel Messi who left to join Paris Saint-Germain.

Laporta said in August the club’s debts totaled 1.35 billion euros, 673 million of which were owed to banks.

In March, the club signed a shirt and stadium sponsorship deal with audio streaming platform Spotify in an agreement worth 280 million euros as Laporta looks to ease the financial strain on the once-revered club.

Previous articleForex reserves of Pakistan increased by nearly $2bn: SBP
Next articlePTI approaches SC against LHC verdict