Barcelona’s plan to raise “hundreds of millions” to help fix their “severe financial problems by floating a ‘Barca Media’ on the NASDAQ stock exchange” is officially over, according to Dermot Corrigan of THE ATHLETIC. Corrigan notes the “initial idea” was to launch a “SPAC investment vehicle” on the NASDAQ by the end of 2023. However, problems “quickly emerged” with German company Libero’s involvement as investors, and the launch date was “regularly pushed further and further back in the following months.” Corrigan writes a “formal end” to the idea has come with Mountain Partners -- the Swiss company that had raised $129M in investment and was “looking for a partner to launch a media company on the NASDAQ” -- and Barcelona “informing the SEC of the termination of their business agreement.” Corrigan writes “this means further financial problems” for the club's board given that the Barca Media company was given a $430M valuation in the club’s 2022-23 accounts -- a valuation “which will now likely have to be revised downwards” (THE ATHLETIC, 7/1).
