BARCELONA: FC Barcelona have received a significant boost in improving their current financial situation after the majority of board members approved two financial mechanisms on Thursday.
In a virtual meeting, the general assembly approved by a clear majority to activate the two financial mechanisms to obtain income, estimated to be around 600 million euros from both operations, the club said in a statement.
The first motion was to sell 49.9 percent of Barcelona Licensing and Merchandising. The second one allows the club to sell 25 percent of its income from television rights over the course of the next 25 years.
After the meeting, Barcelona president Joan Laporta compared the club to a Formula One car that had run out of fuel with a seized engine to explain the evolving finances at the club.
"We started the F1 car up, but it still couldn't move. But now the club needs to activate the BLM and TV rights 'levers' to correct the finances earlier than forecast, obtain positive equity, pay off the debt in a sustainable manner, and be able to make the investments required for our professional teams to be more competitive," Laporta said in a release. IANS
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