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Barcelona were 'technically bankrupt'

FC Barcelona were “technically bankrupt” when Joan Laporta took over as president earlier this year, with chief executive Ferran Reverter saying the club would have been “dissolved” in April if it was a public limited company (PLC).

Barcelona confirmed last month that the club made a loss of €481m in the last financial year.

Reverter on Wednesday presented the full extent of the club’s financial woes at a news conference at Camp Nou, with debts and future liabilities of €1.35 billion.

“When we came in this March, we found a club that was technically bankrupt; if it was a PLC, (the club) would have been dissolved,” Reverter said.

“There was no cash flow and we had difficulties paying salaries. Debt and future liabilities amounted to €1.35 billion and there was an urgent need for refinancing.”

Reverter said it was imperative for the new administration to restructure the club’s debts, which was the driving factor behind the decision not to offer Lionel Messi a new and improved contract
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