Barcelona Agrees To Sell 10% Of LaLiga TV Rights
According to Axios, FC Barcelona have agreed to sell 10% of their broadcasting rights to a US-based investment firm, Sixth Street, for €205 million (AUD $312 million).
The deal will see Sixth Street also gain the streaming broadcast rights for the club for the next 25 years, beating out other investment firms such as CVC, Goldman Sachs and Bank of America, who were all regarded as serious bidders for the rights.
FC Barcelona has not revealed if they plan to sell the remaining 15% of their TV rights.
The Spanish club, facing dire financial stress, is excepting to earn around €600 million (AUD$914 million) after reports indicated earlier in the month they approved the sale of 25% of their LaLiga broadcast rights revenue and a 49.95% share in their Barca Licensing & Merchandising (BLM) division.
Additionally, Sixth Street recently agreed on a 20-year deal valued at around €360 million (AUD$548 million) with Barcelona rivals, Real Madrid to host entertainment events at the Santiago Bernabeu stadium, with an existing partner, Legends.
Legends, a sports experiences and services company, was acquired by Sixth Street, which has a majority stake valuing it at US$1.35 billion (AUD$2 billion).
The investment firm also last year purchased a 20% stake worth US$360 million (AUD$548 million) in the San Antonio Spurs franchise which valued the club at around US$1.8 billion (AUD$2.6 billion), according to CNBC.