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Michael Moritz, a venture capital investor, writes a highly critical article about how FC Barcelona has mismanaged its assets (“The Messi saga is a lesson in how not to handle a prize asset”, Opinion, August 17).
Following the news that the Argentine star Lionel Messi is leaving Barcelona for Paris Saint-Germain (“Football’s shy magician crosses to Paris”, Person in the News, FT Weekend, August 14), Moritz is persuasive until, in passing, he mentions that the football club’s value has gone from about $400m in 2004 to $4.8bn today.
Maybe venture capital investors want more, but I suspect most mortals would be very happy if their investment managers achieved a return of slightly more than 15 per cent per year over a 17-year period.
Escondido, CA, US