Sports
Barcelona move to restore glory days, sell off assets to make signings
Barcelona’s attempts to establish themselves once again as a force in La Liga and the Champions League this season have seen the heavily-indebted Catalans gamble with their future to enable a striking summer spending spree.
A year after being forced to let Lionel Messi go as eye-watering reported debts of 1.35 billion euros ($1.39 billion) crippled the club, Barcelona have spent 153 million euros on transfer fees alone to strengthen their squad, with Robert Lewandowski the most notable new arrival.
“This is a really exciting season. Nothing would give me more pleasure than to make all the fans happy,” coach Xavi Hernandez said before last weekend’s 6-0 friendly win over Mexican side Pumas UNAM.
“That means winning trophies. That is our main objective.”
After three years of struggles, on and off the field, the summer has seen hope return to Camp Nou, with president Joan Laporta talking of an exciting “new era” when the club unveiled Lewandowski as a Barcelona player.
“Euphoria” was the headline on the cover of local daily Sport the same day.
Even partisan Madrid-based sports daily Marca admitted that Barca were “frightening” in the wake of their drubbing of Pumas UNAM last weekend, when Lewandowski scored his first goal since his arrival from Bayern Munich.
Yet how Barcelona have gone about raising the funds to sign Lewandowski, as well as centre-backs Jules Kounde and Andreas Christensen, AC Milan midfielder Franck Kessie, and Leeds United’s Brazilian winger Raphinha has raised eyebrows.
Faced with severe limits on spending in order to comply with La Liga’s financial controls, Barcelona knew they needed to raise money quickly to be able to invest in any signings and, crucially, to register any new players.
– Pulling levers –
They quickly set about selling off assets to bring in money by activating a series of what have been called economic “levers”.
The club sold 25 per cent of their domestic television rights for the next quarter of a century to US investment firm Sixth Street for some 400 million euros.
Barcelona sold 24.5 per cent of Barca Studios, which manages the club’s digital business and audiovisual productions, to Socios.com for 100 million euros on August 1, and then another 25 per cent to US investment firm GDA Luma for 100 million euros more.
In the space of a few weeks, 600 million euros had been brought in to fill the coffers.
The aim was to clean up the club’s finances, make it possible to increase the salary limit set by La Liga and allow the new signings to all be registered for the start of the season.
On top of that, Barca signed the biggest sponsorship deal in their history with Spotify, bringing in a reported 435 million euros for the music streaming giant to feature on the club’s shirts and to have naming rights to the Camp Nou.
And so Barcelona look well placed to become serious title contenders again as they prepare to host Rayo Vallecano this weekend.
Only time will tell if mortgaging part of the club’s assets in exchange for an immediate influx of cash will bear fruit.
– De Jong to leave? –
Yet, Barcelona are still waiting for La Liga to allow them to register their new signings, although they hope to be able to do so in time for the season.
They are also hoping to further ease their financial problems by reducing their wage bill.
The Catalans have been trying to persuade Frenkie de Jong to leave, with suggestions even made that a contract he signed in 2020 was not legal. The Dutch midfielder says he wants to stay.
Martin Braithwaite, Samuel Umtiti and Memphis Depay are also candidates to depart the Camp Nou, with the latter reportedly a target for Juventus.
On top of that, efforts have been made to persuade certain players, including Gerard Pique and Sergio Busquets, to accept wage reductions.
Barca’s “economic miracle”, as the press have called it, still has to be transformed into a footballing miracle.
The Nigeria Football Federation (NFF) has confirmed the appointment of German tactician Bruno Labbadia as the new Head Coach of Nigeria’s Senior Men’s National Team, the Super Eagles.
This development was announced by the NFF General Secretary, Dr. Mohammed Sanusi, in the early hours of Tuesday, following the approval of the NFF Executive Committee based on a recommendation from its Technical and Development Sub-Committee. Labbadia’s appointment takes immediate effect.
Born on 8th February 1966 in Darmstadt, Germany, Labbadia enjoyed a distinguished playing career, earning two caps for the German national team. His club career included stints at prominent clubs such as Darmstadt 98, Hamburger SV, FC Kaiserslautern, Bayern Munich, FC Cologne, Werder Bremen, Arminia Bielefeld, and Karlsruher SC. Notably, he won the Bundesliga title with Bayern Munich in 1994.
Labbadia’s coaching career has seen him manage top-tier clubs such as Hertha Berlin, VfB Stuttgart, VfL Wolfsburg, Hamburger SV, and Bayer Leverkusen, among others. He holds a UEFA Pro License and is well-regarded for his tactical acumen.
With his appointment, Labbadia becomes the sixth German to lead the Super Eagles, following in the footsteps of Karl-Heinz Marotzke, Gottlieb Göller, Manfred Höner, Berti Vogts, and Gernot Rohr. Höner notably guided the Super Eagles to a runner-up finish at the 1988 Africa Cup of Nations, while Rohr qualified Nigeria for the 2018 FIFA World Cup in Russia.
Labbadia’s immediate task is to prepare the Super Eagles for their upcoming 2025 Africa Cup of Nations (AFCON) qualifying matches.
Nigeria will face Benin Republic on Saturday, 7th September in Uyo, and Rwanda on Tuesday, 10th September in Kigali. The team will also play four additional qualifying matches in October and November as they aim to secure a spot in the 2025 AFCON, scheduled to be held from December 21, 2025, to January 18, 2026.
The Super Eagles, placed in Group D, will face familiar foes Benin Republic, who recently defeated Nigeria in the 2026 World Cup qualifiers. The draw for the AFCON qualifiers, held in Johannesburg, South Africa, last month, also sees Nigeria taking on Libya and Rwanda, both of whom are also part of the Super Eagles’ group for the 2026 World Cup qualifiers set to be hosted in the USA, Canada, and Mexico.
Labbadia’s appointment comes at a crucial time as the Super Eagles look to regain their dominance on the African continent and secure qualification for both the AFCON and the World Cup.
Finidi George has stepped into a new role as the technical manager for NPFL side, Rivers United, following his resignation as coach of the Super Eagles.
During his brief tenure with the Eagles, George’s 1-1 draw against South Africa in Uyo and a 2-1 loss to Benin Republic in Abidjan cast doubts on Nigeria’s World Cup qualification, prompting calls from fans for his dismissal.
South Africa vs Nigeria: Why we failed to defeat Super Eagles – Percy Tau
Nevertheless, Rivers United, the 2021-22 champions, expressed optimism in a statement on Wednesday via their official handle about having the former Eagles international manage their team.
“Finidi brings a wealth of experience and expertise to our team, having had a distinguished playing career spanning over fifteen years,” the statement read.
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Dr. Okey Kpalukwu, General Manager of Rivers United FC, welcomed George, stating, “We are delighted to have Finidi George join our team. His appointment marks a new chapter in our club’s history, and we are committed to working together to achieve success.”
Expressing his gratitude to the club, an elated George remarked, “I am honored to have this opportunity, and I thank the Sports Commissioner, the General Manager, and the supporters for their confidence in me. I am committed to working hard and making the team win.”
Inter Milan were taken over by US fund Oaktree on Wednesday after the Serie A champions’ outgoing owners Suning missed a deadline to repay a debt worth hundred of millions of euros.
In a statement, Oaktree announced they had “assumed control” of Inter after the non-repayment of a “three-year loan to Inter Milan’s holding companies that matured on 21 May 2024 with a total balance due of approximately 395 million euros ($428 million)”.
Chinese conglomerate Suning have relinquished control of Inter to Oaktree three days after the team were officially crowned Italian champions for the 20th time.
Suning borrowed 275 million euros at over 12 percent interest three years ago to pay staff and players as the Covid-19 pandemic ravaged the finances of clubs across Europe, putting up their controlling stake in the club as collateral.
“Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter Milan, with an initial focus on operational and financial stability for the Club and its stakeholders,” Oaktree continued.
Inter became a powerful force at home and abroad after Suning acquired the club in 2016, with seven trophies including two Serie A titles and two European finals.
Simone Inzaghi’s team cruised to this year’s championship, winning the Scudetto with five matches remaining by beating AC Milan in a thrilling local derby.
Oaktree, which manages $192 billion in assets, said they are “committed to working closely with Inter Milan’s current management team, partners, the league and governing bodies to ensure the Club is positioned for success on and off the pitch”.
Inter ended up in the hands of Oaktree in a manner similar to the way another US fund, Elliott Management, took control of their local rivals Milan in 2018.
Elliott became Milan’s owners when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from the late Silvio Berlusconi’s Fininvest the previous year.
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