The newly elected FC Barcelona president has reportedly suffered an unwelcome setback as he prepares for his second term at Camp Nou.
Joan Laporta’s financial guarantee to commence his second term as Barcelona president has reportedly collapsed ahead of Wednesday’s deadline.
As per the club’s election rules, Laporta must make a 15% financial commitment of the club’s €124 million budget within 10 days of becoming president. If he cannot do so, new elections would be called.
Upon witnessing Barcelona’s 4-1 win over Huesca on Monday, Laporta appeared to have the funds needed. New twists, however, have since occurred.
According to El Periodico, Audax Renovables, a Catalan-based renewable energy firm, cannot guarantee the pact it had with Laporta any longer.
📰 [RAC1🥇] | The energy company Audax Renovables is back to business again. The company could facilitate the signing of guarantees for Joan Laporta to become president. If there is a deal, one of the strongest people, Eduard Romeu, will be in the management of Laporta. pic.twitter.com/3P94ODAhYm
— BarçaTimes (@BarcaTimes) March 16, 2021
The founder of Audax, Jose Elias Navarro, has claimed it is “totally impossible” and “doesn’t make sense” for him to make a financial commitment due to a lack of influence over how the club is run. Therefore, he is only willing to assist at a managerial or experience level.
The resignation of former CaixaBank director Jaume Giro, who was a key part of the financial side of Laporta’s new board, has complicated matters.
The 58-year-old may have to scramble for an alternative if he can not find a solution. The deal with Audax isn’t dead yet, but any potential new agreement may involve the company’s Eduard Romeu joining his board.
An alternative solution is to take out a loan from HPS Partners. But an interest rate of 5% makes this an undesirable option, considering the club’s massive debts right now.
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