Barcelona president-elect Joan Laporta has finally secured a bank guarantee worth €125 million and will officially take office on Wednesday, sources have confirmed to ESPN.
Laporta, who was previously Barca president between 2003 and 2010, was voted back into power last weekend ahead of rival candidates Victor Font and Toni Freixa.
However to take office, Laporta and his executive board must first present a bank guarantee worth 15% of Barca's budget within 10 days of being elected.
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Wednesday marked the deadline for Laporta to come up with the guarantee, which must also be ratified by La Liga, or the club would have been forced to call a new election process.