Barcelona Sells $103 Million Barca Studios Stake to Orpheus

Castilian soccer giants Barcelona have raised further capital after today (August one) announcing the auction of a minority stake in their Barca Studios arm to Socios.com, the prominent blockchain-based fan engagement platform, for €100 million ($103 one thousand thousand).

The LaLiga club has agreed to sell a 24.5% stake in the production unit.

Barca said the decision was fabricated "to accelerate the club's audiovisual, blockchain, NFT, and Web.iii strategy".

The Catalan club added that the auction has been made "in accordance with the authorization of the general assembly of FC Barcelona members held final October 23".

At that point, a total of 397 consul members voted in favor of selling a stake of no more than than 49% of Barca Studios, with 14 votes against a auction and ten abstentions.

The sale is another move by the club to ease its fiscal struggles and minimize its huge debts of around €1.35 billion.

In early July, Barca agreed to sell ten% of their television rights to global investment firm Sixth Street for the adjacent 25 years in a deal worth around €205 million.

Just 3 weeks afterward (July 22), 6th Street increased that pale, securing another 15% over the next 25 years and calculation €300 million to the sale. Sixth Street now owns a total 25% of Barca's futurity TV rights revenue.

Barcelona'south members have likewise voted to sell 49.9% of the Barca Licensing and Merchandising arm of the club to raise capital and balance the books for the 2021-22 flavour.

The LaLiga outfit's financial struggles have been well documented, with current president Joan Laporta inheriting debts of more than €1 billion from his predecessor Josep Maria Bartomeu.

Those debts, together with the wage cap imposed by LaLiga, resulted in the lodge beingness unable to offering its star, and all-time slap-up, Lionel Messi a new bargain last summertime.

Barcelona'due south economic vice-president Eduard Romeu recently claimed the order volition demand €500 million to exist "saved" from its fiscal crisis.

In late May, the social club reportedly secured a doubling in size of the €90-million bridging loan they took out from investment banking concern Goldman Sachs in 2019 to help tide them over until a separate financing deal with Goldman Sachs kicks in.

With the acquisition of the stake, Socios has expanded its activities in the soccer manufacture.

The platform has partnerships with several European soccer giants including Manchester Metropolis, AC Milan, and Juventus.

Socios.com has over 150 partners in 25 countries across 10 sports including American Football, basketball, cricket, football, Formula 1, water ice hockey, MMA, motorsports, rugby, and lawn tennis.

The company claims in that location are currently 1.5 million fans from over 160 countries using its platform.

Source: https://www.sportcal.com/news/barca-sell-stake-in-production-arm-to-socios-for-e100m/

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