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By ESPN Staff

Barcelona reveal substantial financial loss

Barcelona lost more than €77 million last season, the club's vice-president for economic affairs Javier Faus has revealed.

• Arsenal won't discuss Cesc deal

The previous board, led by former Barca president Joan Laporta, had announced the club was €11 million in the black at the end of their mandate in late June, but a new audit carried out by Deloitte for Sandro Rosell's team has revealed a far less healthy scenario for the Catalan outfit.

The new audit shows that Barca had an income of €408.9 million for the 2009-10 season, but costs amounting to €477.9 million.

Further spending of around €8 million means the overall deficit is calculated at €77.1 million. The new audit also puts the club's total net debt at €442 million (€552 million gross).

"The figures presented by the former board don't reflect the real image. They have cheated,'' Faus said. "There is a structural problem. The sporting excellence in the last few years has not been reflected in economic excellence. The new board's goal is to bring economic excellence alongside sporting excellence.''

Barca recently took out a loan of €155 million after falling behind with the payment of player wages at the end of June.

Central defender Dymtro Chygrynskiy was also hastily sold to Shakhtar Donetsk to raise much-needed funds for the club.

Nevertheless, Barca have already signed striker David Villa this summer for €40 million and are willing to spend as much or even more to bring Arsenal midfielder Cesc Fabregas to Camp Nou in time for next season, although progress on that deal has stalled.

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