The past two days have brought a flurry of news regarding the business side of FC Barcelona.
CEO Ferran Reverter announced he would resign, citing “personal and family reasons.” The resignation will be official when the club designates a replacement.
It wasn’t all bad news for Barcelona, however. The announcement came amid a report about the club’s latest sponsorship deal with Spotify — which should provide a much-needed cash infusion.
The club and the streaming giant have agreed to a three-year, $320 million deal, Catalan radio station RAC1 reported.
- Spotify will now be featured as both the men’s and women’s front jersey sponsors in lieu of men’s sponsor Rakuten and women’s sponsor Stanley Black and Decker.
- The company will also be featured as Barca’s training kit partner.
- Spotify will be the first naming rights sponsor for Camp Nou, the club’s stadium.
A Difficult Year
The club is attempting to battle back after major fiscal woes were revealed in 2021.
A Deloitte report previously revealed that the club was technically bankrupt earlier last year. Barca borrowed $605 million from Goldman Sachs, and in October, it posted debt of $1.57 billion.
In addition to beefing up its sponsorship revenue, the club has previously said it hopes its refurbishments for Camp Nou will eventually bring in more than $225 million each year, though they pose a major immediate cost.