BARCELONA - European champions Barcelona
cut their pre-tax loss to around 21 million euros in the year to the end of June from 83 million in the
preceding period, the club said on Wednesday.
Javier Faus, Barca's vice president for economic affairs,
said revenue for the period was 420 million euros, up from 415
million, while spending fell from 495 million to 441 million.
Although the club earned 23 million euros more than they had
budgeted from winning the Spanish league and the Champions
League, they had to pay more in bonuses which cut projected
competition income from 38 million to 34 million, he said.
"We are delighted with that outcome," Faus told a news
conference. "It is the best possible investment because Barca
has never been as recognised in brand terms as it is now."
Faus and president Sandro Rosell took charge of the Catalan
club, the world's second-richest by revenue behind Spanish
rivals Real Madrid, at the end of the 2009/10 season and have
set about trying to cut spending and reduce a huge debt pile.
Faus, who told Reuters earlier this year the club would
return to profit next season, said there was a pot of 45 million
euros available for spending in the transfer market, which could
increase if any players were sold.
Gross debt had shrunk to around 483 million euros in the
year to the end of June from 532 million, while net debt had
fallen to 364 million from 431 million, he added.
"There has been a very significant effort, which will
continue over the next two years, to cut this debt," he said.
"For this board of directors, this milestone is unavoidable
and cannot be waived.
"FC Barcelona lost 83 million euros last year and 21 million
this year and it cannot allow itself to continue losing money."
As part of its efforts to trim spending, Barcelona would
close down its baseball section and planned to reduce the amount
the club's various sports teams cost from 10 percent of the
annual budget to five percent by 2015/16, Faus added.
Central defender fit enough to play in the Champions League final at Wembley
Bayern Munich unfazed by the need to be more clinical in attack against Borussia Dortmund
Ruud Gullit believes Bayern Munich are in for a shock when they take on Borussia Dortmund
Napoli president denies reports that he has named Rafael Benitez as club's new manager
Ten years on, the legends speak to FFT
Your questions answered by an A to Z of legends
75% of all TV is Bale
On the road to ruin
Nike CR7 IX for you
FourFourTwo is brought to you by Haymarket Consumer Media & FourFourTwo is part of Haymarket Sport
| International Licensing | © Haymarket Media Group 2010