HomeWorld Football

Barcelona Face Filing For Bankruptcy

Barcelona Face Filing For Bankruptcy

Laliga giants Barcelona are at risk of bankruptcy unless the club can agree a fresh round of pay cuts, it has been claimed.

Stars of the Calatan club already accepted a wage decrease, said to be as much as 70 per cent, in the spring amid the onset of the coronavirus pandemic.

But the club’s finances continue to spiral out of control with losses of £88million announced in early October.

Debt levels hit £443m with revenue down by £122.5m – leaving the Spanish side lightyears from their pre-pandemic boasts of topping one billion euros in annual income.

Also Read: Manchester United Legend Charlton Diagnosed With Dementia

The situation has drawn the club back to the negotiating table with a fresh round of pay cuts forecast.

According to Catalan radio station RAC1, Barcelona have until Thursday to reach a settlement.

Unless they can cut £171m from their wage bill, the five-time Champions League winners reportedly risk having to file for bankruptcy.

The Blaugrana were launched into turmoil during the summer when Lionel Messi attempted to leave the club

The threat of a legal battle persuaded the Argentine to stay although his contract expires in June, at which point he is said to be owed a large bonus payment.

Barcelona recently announced contract extensions for Gerard Pique, Frenkie de Jong, Clement Lenglet and Marc-Andre ter Stegen.

Veteran defender Pique reportedly accepted a 50 per cent pay cut when signing on, with the other three losing 30 per cent of their wage.

After the resignation of club president Josep Maria Bartomeu, a new board helmed by Carles Tusquets is in charge until next year’s elections.

He recently explained that the pandemic’s impact on ticket and merchandise sales have ravaged Barcelona’s finances.

“Our main concern is the club’s finances.

“The pandemic has affected Barcelona particularly hard.

“The club depends on tourism and now, all of that income has been lost.

“The situation is not very comfortable, we have to take on the ideas of the previous board to find a way of addressing the problems we are facing.”

completesports classifieds

Fastest Paying Betting Site in Nigeria: Grab your 140% First Time Deposit Bonus Now — www.Sportybet.Com

Copyright © 2021 Completesports.com All rights reserved. The information contained in Completesports.com may not be published, broadcast, rewritten, or redistributed without the prior written authority of Completesports.com.