Barca, the European football club formally known as FC Barcelona, has reached an agreement to sell an additional stake in the team’s LaLiga media rights to private equity firm Sixth Street, according to a person familiar with the matter.
Sixth Street, which agreed in June to buy 10% of the television rights for $217 million (207.5 million euros), is now buying an additional 15% for about $317 million, said the person, who asked not to be identified because the matter isn’t public.
Representatives for Barca and Sixth Street declined to comment.
For Barca, a soccer club owned by its fans, the sale boosts capital gains and shores up finances impacted by large contracts used to lure star players. Barca President Joan Laporta said in a previous statement, “We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club’s financial footing.”
San Francisco-based Sixth Street has $60 billion in assets under management, according to its website. The firm added to its sports holdings last year with the acquisition of a 30% ownership stake in the National Basketball Association’s San Antonio Spurs with a third of that going to billionaire and Dell Technologies founder Michael Dell as part of the deal, giving him a 10% stake. The firm also owns the sports entertainment and events company Legends.
Sixth Street also has a partnership with Barca rival Real Madrid. The two soccer clubs are slated to square off in a match in Las Vegas on Saturday.
© 2022 Bloomberg
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
