The president gets ‘in extremis’ the financial support to unblock the last procedure for the investiture
Audax unravels the counter endorsement of almost 75 million to reach the 124.6 that it has to present in LaLiga
The president has called in recent days several businessmen with solvency to join the project
Obtaining the endorsements had become a time trial for Joan Laporta. On Monday, before watching from the Camp Nou box how Messi reached a new record at Barça-Huesca, he seemed to have obtained the counter-endorsement of almost 75 million that he lacked for the 124.6 that he must collect to be able to officially start this term. . But after the meeting he had to continue negotiating after the agreement with Audax was complicated, whose vice president, Eduard romeo, was going to be the financial manager of the club after the departure of Jaume Giró.
After the negotiations seemed broken and Laporta began to study alternatives, this Tuesday contacts with Audax have been resumed and the situation has been unblocked. The future managers have paraded this afternoon to a notary’s office on the Diagonal, near the Laporta professional office, to sign the long-awaited endorsement.
The club’s bylaws state that once the elections are held, the winner has 10 days to present an endorsement of the 15% of the budget. A term that ended this Wednesday at midnight. If they are not presented or approved by the League, the entire electoral process should start all over again. Something that nobody wanted to imagine. After the tug of war, early in the afternoon several managers explained to this newspaper that they were going to sign the endorsement before a notary.
The Audax factor
One of the keys to the configuration of the new board of directors is someone who will not be part of it: the owner, founder and first shareholder of Audax Renovables, José Elías Navarro, who lacks the necessary seniority as a member to join the club, as he explained to this newspaper. He made an agreement with Joan Laporta to give Romeu, his right hand in the company and a trusted man. In fact, Elías and Laporta had been talking over the last year. Romeu will be the link between the club and the main countervailer.
Barça’s current financial situation requires creative solutions that unlock revenue paralysis. The Audax solution He came to adjust appropriately to the situation, with Romeu’s experience in futures contracts. In the enlarged meeting after the departure of Giró, in which there will be almost a twenty executives, not all of them will guarantee – at least eight lack the assets to cover banking requirements – and among those who do, not all will guarantee the same.
In the center, the Banco de Sabadell
At the end of Monday the pact between Audax and Barça had run aground, putting the figure of Romeu as economic vice president on the air and forcing Laporta to look for other alternatives to complete the counter-guarantee of 75 million that the Bank of Sabadell.
The patrimony contributed by the directors reached 50 million. Audax and the American investment fund HPS Partners they incorporated the rest, up to 124.6 million. In return, HPS Partners, which came from the hand of Giró and JB Capital Markets, from Javier Botín, claimed a commission of more than 5% that Laporta did not want to assume.
Hence, in the last hours, the president-elect has been intensely calling on businessmen with solvency in the country to join the project and fill the gap left by the exit of the HPS Partners map. And he has managed to seduce a few, to the point that the board of directors will consist of 20 members. It is known that one of them will be Joan Soler, the president of Vilafranca FC. The leader appeared in the candidacy of Jordi Farré.
Investiture at the Camp Nou
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Unlocked this Tuesday the Gordian knot of the endorsement (the LFP needs to grant its approval), on Wednesday the inauguration of Laporta will be held, which will take place at 6:00 p.m. at the Camp Nou in a ceremony with 350 guests, with family members and relatives of the new leaders.
It will be a couple of hours after the transfer of powers with the manager of Carles tusquets and before starting to distribute the wallets in a dome where Rafa Yuste will occupy the sports vice presidency and Josep Cubells He will be in charge of basketball, as happened in the previous Laporta term. In 2003 the board had to endorse 25 million, 100 less than it has to raise now.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.