In a major development, Barcelona have reportedly decided not to go ahead with the La Liga-backed CVC deal for the TV rights and wish to find a different solution to their financial problems.
RAC1 reports that the Catalan giants have ruled out the possibility of accepting the CVC-La Liga agreement despite the lucrative financial boost they would stand to receive.
As per the terms of the deal proposed initially, Barça would stand to receive a payment of €270 million for 10% of the TV rights for a period of the next 50 years.
President Joan Laporta has always been reluctant to pen the deal, but it seemed like the Catalan giants were open to signing the agreement as the club’s economic situation worsened heading into the summer.
Reports had indicated that Barcelona had decided to go ahead with the CVC deal, which, along with a couple of other economic levers, would have led to the pumping of €740 million in funds into the club. The decision was set to be put to vote in the assembly later this month.
However, as per the latest developments, it seems like Laporta and Barcelona have decided to walk away from the CVC agreement.
While the sale of the Barça Licensing & Merchandise is expected to generate significant revenue, they will need to find other ways to accrue more funds in order to deal with the Financial Fair Play issues and be in a position to sign and register new players.
Walking away from the CVC proposal means that the board will now come under pressure to find a different way to bring in the funds in a short time. It could also mean more salary cuts imposed on players as doubts will be raised over the club’s ability to recruit new players.