Barcelona have given themselves a major financial boost that should see their salary cap increase significantly after selling 10 per cent of their LaLiga TV rights for the next 25 years to an investment firm.
Last week, club president Joan Laporta promised to activate the "levers" that would ease Barcelona's financial concerns, and Thursday's announcement is the first such step.
The deal sees Barcelona generate capital gains totalling €267million, with Sixth Street Partners making an initial investment of €207.5million.
The investment group will subsequently receive 10 per cent of Barca's domestic TV rights revenue until 2047.
Barca's need for a financial injection was urgent due to their financial year ending on June 30 – their accounts at the end of Thursday would have impacted the salary cap for the upcoming season.
Last year, Barca's financial woes saw their salary cap slashed by €280m to just €97m for the 2021-22 campaign – to put that into context, six clubs had larger wage limits. Real Madrid were top of the pile with a cap of €739m.
That was ultimately the reason they could not sign Lionel Messi to a new contract, but the capital injection on Thursday will allow Barca to end this financial year with a profit, thus ensuring a salary cap increase that should be significant.
The club are also expected to sell almost 50 per cent of the Barca Licensing and Merchandising (BLM) part of the business, but that is now less urgent.
Speaking after the TV rights deal was announced, Laporta said: "We are activating economic levers and executing on our patient, sustainable, and efficient strategy to strengthen the club's financial footing.
"Sixth Street is a proven supporter of football, an experienced investor across global sports and media, and a partner that will contribute significant knowledge and resources while allowing us to independently manage our operations."
Barca are still yet to confirm the arrivals on free transfers of Andreas Christensen and Franck Kessie, who have been strongly tipped to join.
The club are also keen on signing Bayern Munich striker Robert Lewandowski, while Manchester City's Bernardo Silva and Sevilla centre-back Jules Kounde are reportedly key targets.
Thursday's news should allow the club greater room for manoeuvre in the transfer market.