Amazing, love every one of them.
For anyone who is as curious as I am, it's Barça Licensing & Merchandising. Imagine selling off your income to create money. Jesus, Lewa isn't young, how can this be justified as a long term investment?
It's only realising NPV of your assets. It happens all the time. I honestly find it surprising that so many people are thinking this is a problem. It's the only logical way for Barca to remain competitive on the football side given the mismanagement of their affairs over the last few years.
Our club, United, is a perfect example of what happens if you don't stay on top and allow standards to drop on the football side. If they don't do this and let their squad become less competitive, they risk becoming a club trying to reinvent itself to find success again.
This way, they stay on top; will have a budget to work with to keep the squad competitive; and can keep increasing their commercial revenues on the back of that success.
For e.g. if they make the champions league semis, they make about 60-80m (which will only increase).
This definitely reduces future share of Barca's income, but its no different to United's debt. Our debt takes away cash flows which can be used to reinvest in the squad - much like these levers will take cash away from Barca.
What I prefer about these economic levers (compared to debt) is that the Barca fans do not risk the club being stripped apart and sold in parts (by lenders) if they default. United's lenders can sell our assets if we default and we may not have a United in that case.
It's the worse case scenario but that could have been a reality if clubs couldn't find a way to restart football during COVID for e.g.