Boix: “We’ll settle the syndicated loan on 31 October”
Aleix Santacana / Anna Segura
Barcelona’s vice-chairman for finance, Joan Boix, has announced that at the end of October the club’s syndicated loan will be down to zero. He also offered reassurance in the light of the world economic situation.
When the current board took over at the club in the summer of 2003, Barcelona applied for a syndicated bank facility to restructure the club’s debt. Joan Boix, club vice-chairman for finance and treasurer, has announced on ‘Zona Mixta' on Barça TV that this loan will be paid off on 31 October.
Over the last five years Barcelona has paid back €92.5 million of the syndicated loan given by a group of banks headed by La Caixa. This October “it’ll be down to zero” after repayment of the outstanding €13.6 million since 30 June, said Boix.
Thanks to the banks
Boix thanked the banks for helping the club. “They believed in the project and backed us when we were at a sporting and financial low,” he said. That means that the club will continue to deal with the banks once the loan has finished, and indeed amongst other things they guarantee player payments.
Boix also spoke about the world financial crisis and said that it would only affect “small areas and we have those under control”. The club’s contracts with Mediapro and Nike are “fixed, in force and ongoing and cover a high percentage of the club’s expenses”.
Joan Boix was confident that “we can meet the budget of €380 million we announced at the assembly of delegates”.
Nonetheless, Boix did admit that there would be minor things like corporate events “which will have to be cut back” though in general “we have the impact of the crisis on Barça under control”.
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