Barcelona have received a huge financial boost with a new sponsorship deal with renowned sports brand Nike.
The Catalan giants have struggled with dwindling financial fortunes which has limited their activities in the transfer market.
Sources close to the club reveal the new deal with Nike is set to run for a decade and will be huge financial leverage for the club amidst their financial crisis.
Details of the reported new deal reveal its estimated value is pecked at €1.2bn with a signing-on bonus worth €100m.
According to Spanish outlet, sport, Barcelona are liable to start benefiting from the agreed bonus payments soon with projections it may arrive as early as May 2024.
Both parties have reportedly reached an agreement on all necessary details and terms of the new deal with Barcelona set to announce it as early as May 2024.
It is understood that Barcelona and Nike have been long-term partners with the sports brand overseeing the production and supply of the club’s kit and other merchandise.
However, they nearly fell out recently due to disagreement on terms of a new deal. Sources close to Barcelona revealed the club wanted an improved terms of engagement with the manufacturing giants – a demand which was first met with rejection.
Following the rejection, Barcelona attempted to break the 26-year-old deal and close up a new deal with Nike’s rival Pumas.
However, after rounds of negotiations, they finally found a middle ground, settled scores, and brokered new terms with Nike reportedly unwilling to lose their partnership with the club.
The timing of the agreement has also been in Barcelona’s favor with the club set to align their budget and close loopholes ahead of this summer’s transfer activities.
Meanwhile, the club is still limited by LaLiga on the transfer market due to a difficult financial situation but will receive a boost due to the new agreement that will augment their cash pool and reduce the debt burden.
