(Bloomberg) -- Barca, the European football club formally known as FC Barcelona, has reached an agreement to sell an additional stake in the team’s LaLiga media rights to private equity firm Sixth Street, according to a person familiar with the matter.
Sixth Street, which agreed in June to buy 10% of the television rights for $217 million (207.5 million euros), is now buying an additional 15% for about $317 million, said the person, who asked not to be identified because the matter isn’t public.
Representatives for Barca and Sixth Street declined to comment.
For Barca, a soccer club owned by its fans, the sale boosts capital gains and shores up finances impacted by large contracts used to lure star players. Barca President Joan Laporta said in a previous statement, “We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club’s financial footing.”
San Francisco-based Sixth Street has $60 billion in assets under management, according to its website. The firm added to its sports holdings last year with the acquisition of a 30% ownership stake in the National Basketball Association’s San Antonio Spurs. The firm also owns the sports entertainment and events company Legends.
Sixth Street also has a partnership with Barca rival Real Madrid. The two soccer clubs are slated to square off in a match in Miami on Saturday.
©2022 Bloomberg L.P.