FC Barcelona have reportedly reached a new $60 million sleeve sponsorship deal.
FC Barcelona have agreed a new, five-year sponsorship deal which is worth €56 million ($60 million) according to Mundo Deportivo, and will help them make much-needed new signings.
The agreement has been struck between the Catalans and Dutch electronics giant Philips
Philips registered its interest in sponsporing the newly-crowned La Liga champions four months ago and negotiated with the vice president of marketing Juli Guiu plus brand director Sergi Ricart.
According to MD, they two parties have now signed a contract which is fixed for three seasons and has a clause where another two terms can be taken optionally.
The reason why the last two years are not guaranteed is because there could be another president in place if current leader Joan Laporta isn't re-elected.
Barca and Philips would both have to agree to continue for the additional two years, but the Blaugrana will be happy with landing a sponsor for any amount of time considering the sleeve has been naked since Beko's arrangement expired in 2021.
This deal was worth €19 million ($20.5 million) but also included having the company's name appear on the team's training apparel.
If Mundo Deportivo's numbers are accurate, however, Barca stand to make much more in their agreement with Philips.
In the first year, they will be paid €8 million ($8.7 million). Then €10 million ($10.8 million) in the second, €12 million ($13 million) in the third and fourth and €14 million ($15.1 million) in the fifth.
Furthermore, Barca can be paid €500,000-1 million ($540,000-1.08 million) in variables for trophies won in many of these years and Philips will also provided new TV sets for the renovated Camp Nou worth €4 million.
News of the agreement is much welcomed in times when Barca need to shed €200 million ($216.4 million) from the wage bill to make new signings.
Already this year, €8 million will help the club considerably in signing new players such as Lionel Messi and registering fresh contracts of existing stars including Gavi and Ronald Araujo.