- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
- Spain logs record summer tourism as inflow draws protests
- Hedi Slimane quits as Celine's artistic director
- Oil prices extend rally on Iran attack
- Spain welcomed record number of tourists this summer
- France says coming tax hikes on the wealthy to be 'temporary'
- Why are Thailand's roads so deadly?
- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
RYCEF | 0.14% | 6.91 | $ | |
RBGPF | 100% | 59.99 | $ | |
NGG | -1.85% | 68.78 | $ | |
VOD | -2.16% | 9.74 | $ | |
GSK | -2.15% | 39.45 | $ | |
AZN | 1.14% | 79.58 | $ | |
BTI | -1.33% | 35.97 | $ | |
CMSC | 0.04% | 24.78 | $ | |
RELX | -0.11% | 47.29 | $ | |
RIO | -0.48% | 70.82 | $ | |
BCC | -1.33% | 139.53 | $ | |
JRI | -1.12% | 13.38 | $ | |
CMSD | -0.04% | 24.93 | $ | |
SCS | -2.56% | 12.87 | $ | |
BP | 0.86% | 32.37 | $ | |
BCE | -1.13% | 34.44 | $ |
Barcelona sell 10% of Liga TV rights to US fund
Barcelona on Thursday announced they had sold 10 percent of their Liga television rights for 25 years to U.S. investment group Sixth Street for 207.5 million euros ($215.5 million).
"Sixth Street will initially invest €207.5 million and in return will receive 10% of the Club's LaLiga TV rights for the next 25 years," Barca said in a statement.
The deal will allow Barcelona, beset by financial problems, to end the fiscal year that closes this Thursday in profit.
Catalan sports daily Sport reported that otherwise Barca "would have ended the financial year with a loss of 150 million euros."
"With this transaction, FC Barcelona generates a total capital gain of €267 million for the current season," said the club statement.
Barcelona, along with Real Madrid and Athletic Bilbao, opted out of a deal in January with another American fund, CVC, to buy between 8 and 11 per cent of the broadcasting and commercial rights for the top two Spanish divisions for 50 years.
In May, Real agreed a deal with Sixth Street and Legends which it called "a premium experiences company for sports and live venue organisations, for 30 percent of revenue "sports and live venue organisations" at the Bernabeu Stadium, which is being redeveloped, for 20 years for 360m euros.
Last August, Joan Laporta, who returned as Barcelona president the previous November, said an audit had uncovered total club debts of 1.35 billion euros. The club had let Lionel Messi leave last June saying they could not afford to keep him even at a reduced salary.
On Thursday, Laporta welcomed his club's deal in a statement.
"We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club's financial footing," he said.
Sixth Street CEO Alan Waxman, was also quoted in the statement.
"We believe in the strategy Joan Laporta and FC Barcelona are implementing and are proud that one of the most celebrated clubs in football has chosen us to be its partner and capital solutions provider," Waxman said.
The sale of television rights was one of two "levers" approved last week by a meeting of club members to raise revenue quickly so Barcelona could make signings for the coming season.
The assembly authorised the transfer of up to 25 percent of the television rights income for up to 25 years, which means that Laporta can still seek a buyer for the remaining 15 percent.
The members also approved the sale of 49.9 percent of its licencing and merchandising division, BLM.
"We will once again have positive funds," Laporta told the members when he asked them to vote for the measures.
"We will repay our debt in a reasonable way and we will be able to make the necessary investments to make our teams more competitive."
D.Philippon--CPN