Breaking News : Barcelona lose £88M in disastrous financial year

Barcelona have revealed they ended the 2019-2020 financial year with a £97million loss as a result of the coronavirus pandemic. The club ended the year with a revenue of £775m, below their £950m target set in the budget. Before COVID-19 struck, the LaLiga side were forecast a revenue of 1.59 billion (£960m) – which would have set a record for a football club. Barca highlighted the impact of playing behind closed doors as well as the total cancellation of the basketball Euroleague, which resulted in a huge loss of income. Barca players volunteered a 70 percent reduction in wages at the start of the pandemic, lasting for the duration of the state of emergency called on March 14. But pay cuts were always a temporary measure. Barca also stated LaLiga and the Champions League being played beyond June 30, which was the end date of the financial year, also had an impact on the club’s profits and expenses. It was also noted that the failure to win LaLiga, or any trophy last season, also impact...