Barcelona president Joan Laporta has opened up on the club’s “very worrying” financial situation, revealing the Catalan club are £1.15 billion in debt.
Laporta blamed his predecessor Josep Bartomeu for a “terrible inheritance” which he says sees club salaries representing 103 per cent of income at the Nou Camp.
Speaking at a live press conference Laporta said: “Our salaries represent 103 per cent of the club’s total income. That’s 20-25 per cent more than our competitors.
“The first thing we had to do when we arrived was to ask for a loan of €80m because otherwise, we could not pay the salaries. The previous regime was full of lies.”
He continued: “We also found that we had to do some urgent repairs to the Camp Nou because otherwise, it posed a risk to the attending fans. We also found out that the club had already received 50 per cent of the TV rights fees in advance.
“We found the wage policy in the form of an inverted pyramid – veterans on long contracts and youngsters on short deal. There were no wages cuts – lies.
“We have found that disproportionate payments have been made to intermediaries, not even agents.
“Barcelona has a negative net worth of €451m – it is a terrible inheritance. What has been happening is very worrying.
“Bartomeu’s (open) letter is an effort to justify management that is unjustifiable. It is an exercise in desperation. They are responsible for everything until March 7. They will not escape their doing.”
However, Laporta believes Barcelona can repair its situation and has revealed that it has taken out a loan of “€550m with an interest rate of 1.1 per cent to restructure the club”.
He thinks it will take a couple of years for the club to be back on a more stable financial footing.
“The situation is dramatic, but we have good news,” said Laporta. “The strategic plan based on our credibility and experience, on the assets that Barca have, makes this situation temporary. I think that in a couple of years, the club’s economy will be healthy.
“We are not scared at all. We are highly motivated and positive and morale is high. It’s a big challenge but we are capable of overcoming it.
“I’d like to call on all Barca fans and the entire club to be united. With football and unity, I’m convinced this era will be full of success.”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 The information contained in Completesports.com may not be published, broadcast, rewritten, or redistributed without the prior written authority of Completesports.com.