Former TPG credit arm Sixth Street has agreed to invest an initial €207.5m in FC Barcelona to acquire 10% share of the Club’s LaLiga TV rights for the next 25 years.
FC Barcelona will generate a total capital gain of €268m from the deal for the current season.
Alan Waxman, co-founder and CEO of Sixth Street, said, “We believe in the strategy Joan Laporta and FC Barcelona are implementing and are proud that one of the most celebrated clubs in football has chosen us to be its partner and capital solutions provider.
“Our team looks forward to a long-term partnership providing our flexible capital and deep sports sector expertise to support Barca as it continues to strengthen its organization and achieve its strategic objectives.”
Joan Laporta, president of FC Barcelona, added, “We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club’s financial footing.
“Sixth Street is a proven supporter of football, an experienced investor across global sports and media, and a partner that will contribute significant knowledge and resources while allowing us to independently manage our operations.”
Sixth Street, together with Blackstone, agreed on a sale of long-held mortgage lender Kensington Mortgages to Barclays Bank last week.
$60bn-managing Sixth Street struck a €1bn hard cap final close last year for its second fund targeting European direct lending deals.
It raised €812m for its predecessor vehicle TSSP Specialty Lending Europe Fund I in 2016.
It had made two investments into insurance companies last year including $500m of preferred equity capital in specialty insurer and reinsurer Convex Group. It also joined a consortium led by Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook, Safra Group and The Hartford to invest in Talcott Resolution Life Insurance.
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