BARCELONA President, Joan Laporta, gave an explanatory analysis on the state of the club's financial record this Monday morning.
The president made a shocking revelation that the club is currently a in $1.6Billion debt and to blame former President, Josep Bartomeu, for the awkward situation.
Laporta noted that the club was left with a negative net worth of $532 million putting it a difficult condition to negotiate with players.
“Our salaries represent 103% of the club’s total income. That’s 20% to 25% more than our competitors,” Laporta said in a news conference. “We have found ourselves in a difficult situation to renegotiate the players’ contracts.”
The president accused Bartomeu for writing a letter ‘full of lies’. He added:
“Bartomeu’s 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.”
Among the things mentioned, the president blamed Bartomeu for mismanagement of funds gained from Neymar sales saying:
“They received €222 million for Neymar and they spend it at the speed of light and disproportionately. And now we find ourselves with skyrocketed salaries,”
Laporta went on to add that the debt of the club was 1.350 Billion Euros ( $1.6 Billion)and blamed the entire situation on the previous board.
