Alarm at Barcelona: Laporta’s financial agreement fails with Wednesday deadline

The election of Joan Laporta as the new Barcelona president was meant to herald a new era of tranquility and progress at the Camp Nou.

However, little over a week after his election there is alarm at the club – as detailed by a report in El Periodico – that he is unable to make an obligatory payment.

As per the club’s statutes, any newly elected president must make a depository payment of 15 percent of the club’s budget – which currently stands at €124.6m – within ten days of their election.

Joan Laporta

However, renewable energy company Audax Renovables – based in the Catalan capital – were the company with whom Laporta had an agreement to pay €70m of that amount, but that collapsed on Monday due to the nature of the deal.

José Elías Navarro, the founder of Audax, has claimed that it would be impossible for him to fund the club – they can only assist them at a managerial and experience level.

Now, Laporta must scramble for a Plan B and it is suggested that he could borrow the amount from HPS Partners, but they would charge 5 percent of interest – which would add to the club’s financial problems.

However, the deal with Audax may not be totally dead – but any agreement would see the company’s Eduard Romeu appointed to the club’s new-look board.

It remains unclear exactly how Laporta will solve the issue, but he is scrambling for a financial backer in the short-term to ensure he can officially fill the presidential position on Wednesday.

Tags Joan Laporta