Barcelona to sell 10% of TV rights to Sixth Street for 207.5m euros
Barcelona has agreed to sell a 10% stake in their LaLiga TV rights for the next 25 years to US private equity group Sixth Street for 207.5 million euros ($215.84 million) as they look to improve their financial situation, the club announced 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 already has ties to Barcelona's rivals 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.
Laporta said in August the club's debts totaled 1.35 billion euros, 673 million of which were owed to banks.
Barca in December approved financial plans to renovate their famous Camp Nou stadium, including raising an additional 1.5 billion euros in debt.
In March, the club signed a shirt and stadium sponsorship deal with audio streaming platform Spotify (SPOT.N) in an agreement worth 280 million euros.