Barcelona announce club's debt at €1.35 billion

By Selcuk Bugra Gokalp

ANKARA (AA) - Barcelona on Monday revealed its debt as it is now €1.35 billion (nearly $1.6 billion).

In a press conference Barcelona President Joan Laporta said that the economic situation of the club is at a very worrying level, announcing a loss of €481 million to Spanish La Liga.

Laporta underlined that club's salaries represent 103% of the club's total income which is 20-25% more than their competitors.

He also added that they have found themselves in a difficult situation to renegotiate the players' contracts.

59 year old chairman stressed that the first thing they did upon arriving at the club was to request an €80M loan to cover the payroll and the Camp Nou construction work.

Laporta unveiled that they took out a €550M loan with 1.1% interest for a restructuring of the club.

He emphasized that no one should worry and that they would reverse the situation.

After the departure of superstar Lionel Messi, financial problems surfaced in Barcelona.

The Spanish powerhouse lately rumored to be going through tough times financially.