"There will be no shortage of self-conscious Catalans eager to be more Madrid and less Barça."

BarcelonaOne of the few moments that broke the monotony from 11 am of the recent assembly It was when Joan Laporta called "scholars" and "mestretites" to critics around Barça while talking about preserving the club's ownership model. "The board I chair is the guarantor that Barça belongs to its members. Perhaps we are the only guarantors. Those who say that Barça is a company, those scholars, those mestretites that give lessons, alert and far away," Laporta said to the delegate members while raising his voice. But the same week, the club's treasurer, Ferran Olivé, had said that Goldman Sachs, the investment fund backing the financing of Espai Barça, was the one who chose Limak as the construction company for the remodeling of the Camp Nou.

Meanwhile, Real Madrid is moving towards modifying the ownership model, an objective that could make some progress in the assembly scheduled for November. Its president, Florentino Pérez, believes that this is the way to be able to compete head-to-head with the state-owned clubs and already announced a year ago its willingness to stop being a non-profit sports association. Then, the social mass meringue He didn't offer much criticism. The intention is to allow the entry of outside investors without the members losing their majority ownership of the club.

One of the possible formulas, according to reports The Athletic, could involve separating the business side from the sporting side. In the business side, investors would have the opportunity to acquire stakes in the club's activities, while the sporting side would remain in the hands of the members through the club's charitable foundation. The problem is that converting a member into a shareholder would have a heavy tax burden on that member. The US media outlet also reports that Madrid, along with close advisors from Key Capital Partners and the law firm Clifford Chance, is discussing possible ownership models.

"Madrid is not obliged to bring the matter to this next meeting. In fact, this meeting is not expected to be the final one. The main problem is that Florentino doesn't want Madrid to become a SAD (sports limited company). But top-tier law firms consulted by Madrid assure that, in Spain, you are either a non-profit sports association [the current ownership model of Barça and Madrid] or you are a SAD. Sports law does not allow any other model in Spain," Antón Meana, a SER journalist specializing in news about the Real Madrid team, explains to ARA. "Florentino will not present a new corporate model to the members until he is sure he will win the vote," he adds.

Joaquín Maroto, deputy director at the newspaper, also closely familiar with the reality of the entity. Ace and former head of communications for Real Madrid under Florentino as president. "I think the meeting will announce the call for an extraordinary meeting solely to discuss the change in the ownership model," he predicts. "What Real Madrid will never lose is the control of ownership by its shareholders. I can assure you of that because I know Florentino, and 25 years ago, he ran for president of Real Madrid with the aim of preventing Real Madrid from becoming a limited company. At that time, he saw the club's direction. Surely, without Florentino, Real Madrid would already be a limited company because it would have been eaten up by debt," Maroto believes.

The external companies that have influence at Barça

The financing of the Espai Barça has meant that Barça has to satisfy, from now on and for the next quarter of a century, the twenty investment funds organized by Goldman Sachs that are lending the money to carry out the works. But this is not the only way external entities have leverage to pressure Barça's decisions, especially if at some point the points agreed upon in the contract are not met, despite the club retaining its status as a non-profit sports association.

These so-called levers have also led to the emergence of other companies that have taken over Barça's assets on a long-term basis in exchange for short-term money. Sixth Street holds 25% of the television rights in La Liga for the next 25 years; Blaugrana Invest (a company affiliated with Socios.com), Vestigia, Hellgas, Aramark and Orpheus Media share 26.9% of the share capital of Barça Produccions (the club's audiovisual division) and 475 boxes. VIP The Camp Nou will be held by New Era Visionary Group and Forta Advisors Limited for 25 years.

"I've always maintained that it's not about an ownership model. It's about management. There are very well-managed clubs and listed companies with all the theoretical requirements that lead to disasters and bankruptcy," Eduard Romeu, former economic vice president of Barça during Laporta's term, told ARA. "At the same time, Barça's ownership model is attractive precisely because it sets them apart. And as they always say, everyone wants what they can't have. And since Barça can't be bought, it's even more valuable," he continued.

Romeu is clear about what Barça's future should be: "Our club must always belong to its members, its legitimate owner. And that's not at odds with good management and best practices. And without ever forgetting that we're talking about feelings and, therefore, everything is very emotional. It's not an ordinary, run-of-the-mill business. This, for me, is the problem with some people who are too academic. This can never succeed."

The Sword of Damocles

Is there any way to protect Barça's ownership model? "It's always under threat," responds Marc Duch, a financier close to Barça and a member of the Manifest Blaugrana group. He is also currently linked to Marc Ciria's working group, a potential presidential candidate. "There's always the sword of Damocles. We won't be short of potential buyers. And we won't be short of self-conscious Catalans who want to be a little more Real Madrid and a little less Barça," he predicts. "I believe Jan [Laporta] when he defends the ownership model. It's not his intention to change it. But it could happen that we have no choice because we've earned the right to go there."

That's why Duch is critical of some of the decisions Laporta's board has made recently. "It's incompatible to boast about the ownership model and maintain virtual meetings. It's also incompatible to expel the cheerleading section from the stadium. It's also incompatible to acknowledge that Goldman Sachs is the company that chooses the Camp Nou construction company. When so many things are out of alignment, either it's all marketing and you're lying to me, or you have no shame at all," he asserts. The links between Barça and Madrid go far beyond the pitch.