Barcelona debts worse than first thought

July 28, 2010

The debt of Spanish La Liga champions Barcelona is much greater than first thought, after a new audit into the club’s finances have revealed a deficit of US$575.6 million following a loss of more than US$100 million last season.

The previous president, Joan Laporta, had previously claimed the club was US$14.3 million in the black last month.

But an audit carried out by Deloitte for new president Sandro Rosell has revealed extensive losses.

Barcelona vice-president Javier Faus told a press conference: “There is a structural problem. The sporting excellence of the past few years has not been reflected in excellence in economic management.”

At the end of June, the club was forced to take out a US$195 million loan to help pay players’ wages.