Barcelona's plan to raise capital by listing Barca Media on the NASDAQ stock exchange is officially complete

Barcelona's plan to raise hundreds of millions of euros to help solve its serious financial problems by listing Barca Media on New York's NASDAQ stock exchange is officially over.

Barcelona president Joan Laporta announced the project in August 2023, with the new Barca Media brand containing all of the club's digital and audiovisual production activities, valued by the club at $1 billion.

The initial idea was to launch a SPAC investment vehicle on the NASDAQ by the end of 2023.

However, problems soon arose with the involvement of German company Liberos as an investor, and the launch date was steadily pushed back further and further in the following months.

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The idea was officially abandoned when Mountain Partners, the Swiss firm that had raised $120 million ($129 million) in investment and was looking for a partner to launch a media company on NASDAQ and in Barcelona, ​​informed the SEC that their business agreement was terminated. Mountain is now looking for a new investment opportunity in a SPAC.

This means further financial problems for Laportas' board given that the Barca Media company was given a valuation of €400m in the club's 2022-23 accounts, a valuation that will now likely have to be revised downwards.

Laporta and Barcelona board face potential problems (David Ramos/Getty Images)

La Liga also took into account the Barca Media system to calculate Barca's salary cap for 2022-23. Problems with Libero and other investors Socios and Orpheus meant that this cap was revised downwards mid-season. This is also the reason why the club is currently unable to register new players for 2023-24, with the search for new investors to enter the system yet to be successful.

Athleticism reached out to Mountain for comment. Barcelona did not comment when contacted.

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OK, so what does this mean?

It has always been difficult to see how the Barca Media project would actually solve the club's financial problems. The overall valuation of $1 billion seemed extremely optimistic, and the club's former financial vice-president, Eduardo Romeu, admitted before last October's general meeting that the $400 million value in their accounts was nothing more than financial engineering.

The FC Barcelona board has taken Libero to court in Germany to force him to pay €40 million that the Catalan club owes him, but there is no indication that the case will be resolved soon. The June 30 deadline has also passed without Socios or Orpheus having made payments totaling €60 million for their shares in Barca Media.

As things stand, Barcelona cannot register any new players for the 2024-25 campaign, nor can they even register existing players Vitor Roque or Inigo Martinez in La Liga.

Vitor Roque is not currently registered in Barcelona's La Liga squad (Jose Breton/Pics Action/NurPhoto via Getty Images)

There was further confusion on Sunday (June 30), when Barcelona first announced the official farewells of Joao Felix and Joao Cancelo as their loans from Atletico Madrid and Manchester City ended, but then quickly deleted the social media posts.

Laporta has said he would like both Joaos to return on loan next season, but La Liga will not allow those deals to go through until a meaningful solution is found to Barca's media problem.

It's sure to be another long summer of drama at the Catalan club, with great uncertainty over which current players can continue and which potential transfer targets can actually be signed.

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(Top photo: David Ramos/Getty Images)

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