BarcelonaJoan Laporta’s refusal to join the LaLiga Impulso project is shaking the last hours of Barça’s current affairs. The Catalan executive president does not want to go through the tube of Javier Tebas in his fight not only to build an exciting sports project for the coming years, but to close the current financial year with profits instead of losses. As he has advanced The confidential and has been able to confirm ARA, one of the alternatives to the agreement with the CVC fund – which is provided by the League – is Bank of America. “It provides better conditions,” they argue from Laporta’s sphere.
With CVC, the condition set by Tebas is to sign in exchange for 270 million for 10% of television rights for 50 years and an spending plan that would only leave just over 40 million for the sports project. Without the protection of the president of the employer, CVC would contribute the same amount for 8% of the rights without stating it as debt, but as capital, but the fair play would still not come out advantageous. Faced with this impasse, Bank of America is proposing to keep up to $ 600 million in two tranches (debt and equity) for a higher percentage of rights, but with fewer years to go. This provider is one of the most heavily involved in financing Real Madrid. The white president, Florentino Pérez, is one of the most interested figures for Barça to avoid CVC and not align with Tebas and the League. There is the Super League project at stake and a key institutional favor in the past to end endorsements in state football.
“We could have sold assets a long time ago, but we have chosen to wait to do so in the best conditions.” This justifies from the noble floor of the Camp Nou the fact that Barça has delayed the search for economic solutions so much. The board chaired by Joan Laporta will look for the yes of the members on June 16, during the week, during working hours (6.30 pm) and in telematic format, to activate the sale of assets in favor of reconstruction.
BLM, a slow sale
“It has been said that we will sell our grandmother’s jewelery and this is not the case: what we want is to outsource the management of certain sectors to companies that understand more than us.” This is the maxim that is defended from the club. This is especially true for BLM, the merchandising business, which is difficult to sell before the accounts are closed. On the other hand, this constructive spirit does not fit so well with the transfer of up to 25% of television rights over several decades due to a rain of millions in installments (soft debt and capital), which will cover short-term gaps and help breathe azulgrana economy. Barça is forced to lose control, with a pinch in its nose, of future audiovisual revenues. And since Laporta has always looked with suspicion on CVC and LaLiga Impulso, he will most likely squeeze every chance of signing a similar alternative in collusion with Goldman Sachs, the institution’s main creditor. This is where the Bank of America proposal comes into play.