Bank loan

Barcelona president-elect Joan Laporta must get £ 107million bank loan within 24 hours or face new elections

Barcelona President-elect Joan Laporta is in “a race against time to secure a £ 107million bank loan or the Spanish giants will be forced to call a SECOND electoral process”

  • Joan Laporta was recently crowned the winner of the Barcelona club elections
  • Laporta will return to the club after triumphing over Victor Font and Toni Freixa
  • But he now needs to secure a £ 107million (€ 125million) bank guarantee for Barca
  • If he does not succeed, the club will be forced to call a whole new electoral process.

Barcelona pending president Joan Laporta faces a race against time to secure a £ 107million guarantee from the banks, otherwise another election will have to be called.

Laporta has less than 24 hours to sort out the financial issues or else the process will start again, despite the 58-year-old winning the election earlier this month.

This is according to ESPN, which reports that in order to take office, Laporta and his board must first present a bank guarantee representing 15% of Barca’s budget within 10 days of being elected.

Joan Laporta faces a race against time to secure £ 107million bank guarantee

Wednesday marks the deadline for Laporta to offer the guarantee, which must also be ratified by La Liga, in order to receive official approval.

Laporta entered the election as the big favorite to win, against Victor Font and Toni Freixa, and received the vote of club talisman Lionel Messi.

Barca club statutes state that incoming presidents should be ‘also responsible for [the total amount] unless individual or internal agreements are made between the members of the board of directors for a different distribution of responsibilities. ‘

Laporta won with a huge majority and is expected to return to the club where he was successful

Laporta won with a huge majority and is expected to return to the club where he was successful

Laporta returns to the club where he oversaw a period of great success throughout the Pep Guardiola era, when Barca were considered the most formidable team on the planet and won every trophy at their disposal.

Laporta’s campaign appeared to be well underway this week until reports emerged that one of his vice presidents, Jaume Giro, was no longer on his squad.

Publicly, Giro cited frequent work engagements in London as the reason he couldn’t partner with Laporta, but speculation has grown over a possible rift between the two.

A huge voting factor for Laporta’s campaign came in the form of his pledge to keep superstar Messi at the club.

The Argentine was expected to leave at the end of the season and join either Paris Saint Germain or Manchester City on a free transfer, although Laporta’s election victory means he is now likely to stay at camp Nou.

Former Barca star Xavi has also revealed that he is in regular contact with Laporta, the duo are expected to bond in the future when the World Cup winner returns to the Nou camp as manager.

Xavi Hernandez thrives as manager of Qatari club Al Saad

Xavi praised Laporta for his re-election

Xavi (left) has revealed he remains ‘in touch’ with new Barcelona president Joan Laporta