Football Club Barcelona’s members have approved a plan to sell portions of the team’s television rights and future revenues from merchandise and licensing in hopes of injecting €600 million ($631 million) immediately into the debt-ridden Spanish club.
Club president Joan Laporta said that the two measures were necessary to “generate profits and have positive equity” after two seasons of being unable to make major signings due to crippling debt that ballooned at one point to €1.3 billion (nearly $1.37 billion).
Selected club members, called delegates, voted late Thursday online to overwhelming support the two financial measures presented by Laporta.
