MX23RW : Friday, June 18 04:59:31| >> :120:70816:70816:

Barcelona announce losses of £88m due to coronavirus impact

The club's revenue for the 2019/20 season fell by £122.5m.

Barcelona made an after-tax loss of 97million euros (£88m) due to the impact of the coronavirus pandemic, the club have announced.

Figures for the 2019-20 season show revenue fell by 135m euros (£122.5m) to 855m euros (£777m), well below the recording-breaking forecast of one billion euros (£909m) which Barcelona claim would have seen them post a two million euro (£1.8m) profit.

Barca managed to save 74m euros (£67m) in salaries thanks to a reduction agreement with players and coaching staff but are already predicting a 199m euro (£181m) drop in revenue for the 2020-21 season.

"The club suffered financially from the consequences of games being played behind closed doors, as well as the total cancellation of the basketball Euroleague, and hence there was a considerable loss of income," said the club's financial report.

"The lack of tourists and visitors to the city of Barcelona due to the reductions and limitations applied to international tourism also meant far fewer visitors to Barca's premises, meaning major losses in terms of such areas as visitors to the Camp Nou Experience and the sale of products in official stores."

Net debt on June 30 was 488 million euros (£443m), but, with investment in the Espai Barca project to redevelop the Nou Camp standing at 109 million euros (£99m), the club's adjusted debt is 379 million euros (£344m).

The report also revealed the club spent 1.68billion euros (£1.5billion) on transfers over the last decade, recouping 944m euros (£858m) for a net spend on signings of 738m euros (£671m) over 10 years.

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