FC Barcelona, one of Spain’s top football clubs, has reached an agreement to sell an additional 24.5 percent of its audiovisual content hub, Barca Studios, in a further effort to shore up its battered finances.
Orpheus Media, a firm managed by Mediapro co-founder Jaume Roures, has agreed to pay 100 million euros ($103 million) to buy the stake in the team’s unprofitable digital content arm, Barcelona said in a statement. The divestment comes two weeks after crypto platform Socios.com bought another 24.5 percent for the same amount.
The storied club is looking for more funds so that it can comply with the LaLiga national competition’s financial fair play rules and register new players, including Polish striker Robert Lewandowski and Brazilian winger Raphinha. The divestment of the Barca Studios stake is part of what President Joan Laporta defined as the financial “levers” the club can use to recover its balance sheet.
Barcelona reported a 481 million-euro loss and debts and future liabilities of 1.35 billion euros, meaning it was only able to sign new players by slashing current squad’s salaries, boosting income or cutting expenses.
Before divesting a 49 percent in the hub, it sold 25 percent of its media rights to San Francisco-based investment firm Sixth Street Partners.