In a wild day filled with events, Joan Laporta reportedly found a way to overcome the financial setback he encountered earlier this week.
Joan Laporta is one step closer to getting sworn in as FC Barcelona’s new president after overcoming the financial setback. As the day started with the news cycle, it was revealed that the president-elect found a difficult hurdle on the way to the presidency. He needed to get €124.5 million together as insurance to pay La Liga in order to get sworn in. After the financial VP resigned over the weekend, there was fear Laporta wouldn’t become president.
As the rules inside the club state, no elected president has the authority to be sworn in without paying 15% of the club’s overall budget value. We are talking about €124.5 million of which he already collected €54.5 from the club’s associates. However, they needed €70 million more before tomorrow. If this didn’t happen, another interim board would take over and new elections needed to take place.
Sabadell Bank saves the day for Laporta.
As the hours kept going by, there was even a possibility that money from an emergency fund in the United States could be utilized for the insurance. But this would go directly against the club’s nationalist philosophy, which is the reason Laporta was desperate for inside help. Finally, La Vanguardia confirmed that Banco Sabadell stepped in to pitch in the money needed to make Laporta’s presidency effective by tomorrow.
Although no more details about the deal were offered, Laporta gathered all the money before the deadline. Despite this achievement, there is already a major concern for the way things have progressed since Laporta won the elections. There has been no reasonable explanation as to why his financial VP resigned or what deals he made in order to get this last-minute aid. All we know is that he got what he needed and he will get sworn in by tomorrow.
Be sure not to miss out on the latest news about Joan Laporta
Download our brand new App and follow your favorite players, clubs, and much more
