Aug 11 (Reuters) – Spanish soccer club FC Barcelona has agreed to list its content creation arm Barca Media on Nasdaq through a merger with a special purpose acquisition company.
The club said on Friday that the deal would bring new capital to Barca Media, a division that FC Barcelona expects will be „an important source of revenue in the coming years”.
FC Barcelona president Joan Laborta, re-elected in 2021 to lead the club out of organizational and financial crisis, wants to develop new ways to generate additional revenue.
One of FC Barcelona’s most successful periods from 2003 to 2010, Laporta inherited a club deep in financial crisis exacerbated by the Covid-19 pandemic.
Adding to the club’s woes was the shock exit of football star Lionel Messi in 2021. But since taking over, Laporta has tried to improve the club’s financial situation and brought in new sponsors.
Barca Media will begin trading on Nasdaq after the deal with Mountain & Co I Acquisition Corp ( MCAA.O ) closes in the last quarter of this year, FC Barcelona said.
Barca Media’s existing shareholders will retain an 80% stake in the unit, assuming none of the blank check company’s shareholders redeem their shares and no further capital is raised.
A special-purpose acquisition company (SPAC), also known as a blank-check company, is a listed company that merges with a private company to take it public. Such shell companies help companies avoid the long route of an initial public offering.
Reporting by Niketh Nishant and Pritam Biswas in Bangalore; Editing by Krishna Chandra Eluri
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