Tuesday, October 20, 2020

Barcelona loses 88 million pounds in a disastrous financial year

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Barcelona

Barcelona has revealed that it ended the 2019-2020 financial year with a loss of £ 97 million as a result of the coronavirus pandemic.

The club ended the year with revenue of 775 million pounds, below its target of 950 million pounds set in the budget. Before COVID-19 hit, the LaLiga team was forecast to earn revenue of 1.59 billion pounds (960 million pounds), which would have set a record for a football club.

Barça highlighted the impact of playing behind closed doors as well as the total cancellation of the Euroleague basketball, which meant a huge loss of income. Barça players voluntarily offered a 70 percent reduction in salaries at the beginning of the pandemic, which will last for the duration of the state of emergency called on March 14. But the pay cuts were always a temporary measure.

Barça also affirmed that the dispute between LaLiga and the Champions League beyond June 30, which was the closing date of the year, also had an impact on the club’s earnings and expenses.

It was also noted that the inability to win LaLiga, or any trophies last season, also affected the club’s income. The club said the hardest hit area was commercial with a profit of 270 million pounds, a 9 percent drop compared to last year, with an overall loss of 72 million pounds.

The lack of tourists and visitors to the city due to travel restrictions means that fans were unable to purchase merchandise from the club’s shop or take part in tours of the stadium.

Barca’s reported television revenue was £ 226 million, which was down 17 per cent from the previous year and the pandemic caused a £ 31 million drop.

The club also said that the postponement of the transfer market until late summer meant there was less movement before the end of the financial year, affecting the club’s revenue.

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