FC Barcelona is expecting to reveal a £236m deal with music streaming service, Spotify, for the title rights on its redeveloped stadium as well as a shirt sponsorship, according to ESPN.
Understood to be worth the sum over the next three years, the deal comes at a time when Barcelona’s Chief Executive Officer, Ferran Reverter, has resigned.
Reportledy coming into effect this summer, Spotify’s logo would be shown on the men’s and women’s teams, whilst the platform would also become the title holders of the Camp Nou stadium.
The company is set to take over from Rakuten as the main sponsor of the team, having its name on the men’s kit whilst also replacing Stanley on the Femeni shirt.
Sources told ESPN that this collaboration was the latest in a series of ‘contentious issues’ between President, Joan Laporta, and the CEO, whilst Reverter is said to have resigned for ‘personal family reasons’.
A statement from Reverter on the club’s website read: “Personally I have put in much effort and dedication during these months, but I now wish to focus on the reason why I returned to Barcelona, which is to spend more time on personal and family projects.”
Furthermore, ESPN also revealed that the CEO had been in Miami as executives were in Barcelona finalising the deal, seeking other options over Spotify as sponsors. Reported alternatives include a potential cryptocurrency company partnership, whilst also claiming that Reverter had considered moving before.
His departure is said to affect the LaLiga side’s focus in getting its finances back to normal, whilst Laporta has revealed that, after a forensic investigation, the club’s board prior could be faced with misappropriation of funds charges as well as false accounting. This supposedly left Barcelona with a debt of €1.35bn.
Finally, ESPN also claimed that Reverter played a key role in the club’s rejection of LaLiga’s CVC investment deal, as well as being prominent in standing by Real Madrid and Juventus on the European Super League project.