04 July 2016

Barcelona lose €47m in failed real estate deal

Article of mine in MARCA

A development plan originating in 2005 has come back to haunt Barcelona, to the tune of €47 million.

The project related to the sale of some 10,000 square metres of land in L'Hospitalet, in the south-west of Barcelona, to real estate firm Inmobiliaria Mar for €35.4m during Joan Laporta's tenure as president of the club.

Josep Vives, a spokesman for Barcelona revealed on Monday that the Blaugrana will lose out almost €50m due to Inmobiliaria Mar's failure to meet the conditions of the deal.

The sale came with a range of conditions and objectives which the developer has failed to meet since, and so, under the specifications of the deal, the land is to revert to Barcelona and the sale rendered null and void.

Barcelona are required to return the €35.4m of the original sale with interest, thus the amount will total €47m.

Vives said that Barcelona were exploring their legal options with regard to the matter but added that this had only just come to the board's attention.


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