2023-08-30 19:57:00
Barcelona History is on its way to repeating itself in a new summer market closure at Barça. A year ago, around these same dates, executive president Joan Laporta and treasurer Ferran Olivé had to personally guarantee 11 million euros to be able to sign up Jules Kounde, signed from Sevilla last summer at Xavi’s request Hernandez According to the requirements of the League in the matter of fair play financially, the club calculates that it needs around 30 million to be able to finish the last registrations – Iñaki Peña and Iñigo Martínez, as well as Balde’s new contract, which in the eyes of the League is still playing with the old one (which ends in 2024) – and, above all, to satisfy the Barcelona coach’s desire to strengthen the right-back with Joao Cancelo.
If finally Laporta and Olivé have to guarantee, the amount will depend on the figure provided by Libero Football Finance, one of the funds that participate in the relever from Barça Vision and from which the entity expects 40 million. “We trust that the money will arrive. But it is the club’s responsibility to have all the scenarios open to register all the players on time,” club sources told ARA in relation to repeating the formula that was already applied last year with Kound. In short, if the president and the treasurer end up being forced to repeat the personal guarantee it is because there is some pessimism in the noble offices of the Camp Nou that all the money pledged by Libero will arrive.
Basically, because the payments have not been received on time, which were stipulated in 20 million to be paid on August 11 and 20 more before August 21, with the option of an extension until the 29 of August (subject to a pledge of 5 million euros). Without going any further, if last week, with everything agreed with Joao Cancelo for his arrival (not with City), the Portuguese defender did not travel to Barcelona, it was precisely because these German investors had not yet reached the Blaugrana coffers none of the 40 million committed.
In fact, if Barça was able to sign Araujo, Gündogan, Romeu, Abde and Sergi Roberto before the first League match, it was thanks to the 20 million contributed by a Cypriot investor through NIPA Capital, a Dutch fund, and the exit of Dembélé at PSG. Subsequently, the signing of Marcos Alonso (who watched the first two league games from the stands) was thanks to the renewal of Ter Stegen until 2028 and the spacing of his generous salary over more contract years. The transfer of Lenglet to Aston Villa that Barça is completing will also help, but it will not be enough to reach the registrations and tickets that the club wants to solve before the market closes, this Friday.
Why has Barça not yet received Libero’s money?
Although the official message from Barça is that Libero’s money may still arrive on time, the fact that the Germans have missed all the deadlines sets off alarm bells of pessimism. The economic expert and connoisseur of the day-to-day life of the Blaugrana entity Marc Ciria argues that if Barça has not yet received the money it may be because the agreement between the club and the German investment fund is “d ‘intentions’. In other words, as summarized by Ciria, there are three processes to follow when selling capital to an investment fund. First, one due diligence (investigation process and verification of where it is invested). The second and next step is the contract of intent between the parties and, finally, the formalization of a definitive agreement.
“The letter of intent binds you in certain things, but not in the definitive operation. This can make the investment fund, alleging objective causes [com, per exemple, una previsió d’ingressos diferents en funció del valor de segons quines partides], can withdraw. It’s common in the world of investment funds”, explains this financier from Barcelona, founding partner and executive chairman of Diagonal Asset Management. Ciria makes this argument because he considers that “investment funds tend to be very serious” in complying with the deadlines and Barça, for its part, has not taken any action against Libero for breach of contract, but the club maintains that they expect to receive the money on time.
If they do not receive them, Joan Laporta and Ferran Olivé will have to immediately activate a personal guarantee – which has an interest cost that can range between 4% and 7% on the guaranteed capital – if they want to guarantee registrations that are missing and, at the very least, initial the assignment of Cancelo. Last weekend Laporta undertook to close two additions, one in reference to the Portuguese full-back and the other, Joao Félix, more conditioned to an exit in the attacking positions. Ansu Fati is, at the moment, the one who has the most options to leave, while the departure of Ferran Torres is more complicated. “He’s staying at Barça 110%”, they told ARA from the Valencian’s environment, of which there are still approximately 40 million euros to pay off, in addition to a clause linked to his exit with which the City could make a drawer and advance this newspaper.
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