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In the third point on the agenda, the delegate members gave their majority support to the three votes. In the first of these, the ratification of the transfer of 15% of TV rights to Sixth Street, was approved with a support of 90% of the votes (474 for, 39 against and 13 blank). In the second, corresponding to the ratification of the transmission of 49% of the activities of Barça Studios to Socios.com and Orpheus Media, the delegate members issued majority support with 87.28% of the votes (460 in for, 39 against and 21 blank). For the third, the vote for the budget for the 2022/23 season, which foresees an income of 1.255 billion euros and profits after taxes of 275 million, 90.5% of the votes, 478, were in favour, 35 against and 15 blank.
Ratification of two financial levers
The second part of the minority transfer of TV rights, in this case of 15%, also to Sixth Street, has meant the generation of another 400 million in revenue, and as in the first transfer, this is also an operation for 25 years with a buyback option available to the club. With the sum of the two actions, the total sale of 25% of the TV rights amounts to 667 million euros. Eduard Romeu has assured that the buyback option in 25 years would be "at a symbolic price" and that if the value of LaLiga rights increased, the time in which this asset could be recovered would be shorter. The operation was carried out through the creation of the Locksley company, with a 49% stake from FC Barcelona and 51% from Sixth Street, just like the first lever.
Additionally, and always with the consent and ratification of the Assembly, the club has activated the exploitation of a minority part of Barça Studios to third parties, in an operation that does not include traditional TV, Barça TV or production of contents, which remain 100% owned by the club.
This operation is based on the transfer of a minority stake in Bridgeburg Invest, S.L., a subsidiary of Barça Produccions, S.L., dedicated to the management and development of digital content related to Metaverse, NFT and virtual Utility Tokens, which are still being developed.
Therefore, in this operation, 49% of the digital business are being sold to two companies that are experts in the sector, namely Socios.com and Orpheus Media, with 24.5% each, with an investment of 200 million. The club also has a buyback option after five years.
Vice-president Eduard Romeu described the value of these companies in the digital realm, saying "they will help us accelerate this business through their knowledge and experience in the audiovisual production sector in new formats", and added that they also have capital to accelerate the necessary investments for the development of the business.
The members also approved the budget for the current 2022/23 season, which foresees an income of 1.255 billion, with profits after taxes of 275 million.
This is an all-time record in turnover for the club, thanks to the sale of 15% of the Liga television rights for an amount of 400 million euros.
Without taking into account this extraordinary effect, the club expects to boost the rest of its income by 105 million euros compared to the 2021/22 financial year, thanks to the improvement of its sponsorship contracts, especially the agreement signed with Spotify, to the strategic growth plan for the merchandising business and also thanks to the full recovery of income from the stadium.
In the operating expenses section, desirable figures have not yet been reached, with a forecast of 1.065 billion, with high payroll that should be reduced in the coming years. The club has made a significant effort in terms of signings to form a competitive team and also has to deal with a series of long-term contractual commitments. The club's intention is to continue working to contain the sports salary payroll in the coming seasons, as one of the most important pillars of the mandate.
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