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The struggling Spanish football club Barcelona has sold part of their media production unit “Barca Studios” for 100 million euros, the club announced on Friday. Barcelona had to cut player wages and relieve their star Lionel Messi last year as the club faced an economic crisis caused by lost revenues from Covid and mismanagement. Barcelona described their new partner as having “a long history of producing content”. The deal was in addition to an agreement signed with Socios.com to expand their NFT business, the club said.
Barcelona’s efforts to re-establish themselves as a force in La Liga and the Champions League have resulted in the heavily indebted Catalans selling several shares of potential future earnings.
The club’s main asset is its huge fan base, and this latest deal for the sale of NFTs and derivatives makes for a quick fix.
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Barcelona have spent £153million in transfer fees alone to bolster their squad, with Robert Lewandowski as the most notable newcomer.
Faced with strict spending restrictions to comply with La Liga’s financial controls, Barcelona knew they needed to raise money quickly to be able to invest in any purchases and, crucially, to register new players.
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