Two sales to Sixth Street turn future broadcast income into cash today.
What happened
In June 2022 Barcelona sold Sixth Street 10% of its LaLiga television rights for 25 years for €207.5m. A month later it sold a further 15%, reported at €310m to €315m, bringing the total to 25%.
How it was structured
This was a sale of future income rather than a loan, so there is no repayment schedule. Sixth Street reportedly raised €148m from Banco Santander towards the purchase, which means the income stream itself supported further lending.
Our review
The club gained immediate cash and gave up part of a long-term income stream. For any later lender, the lesson is straightforward: income that has been sold cannot be pledged again, so diligence has to establish what remains.
Sources
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.