Reduction Of Wages Under Bartomeu Wasn’t Real – Laporta

Barcelona president, Joan Laporta has come out to blast his predecessor, Josep Maria Bartomeu for causing the club’s staggering financial losses. This is coming after Bartomeu accused the current Barcelona president of doing nothing to address the club’s sliding accounts amid the pandemic.

Reacting, Laporta revealed that the reduction of wages by the previous board was not real, and the club has found those millions in different types of bonuses and variables included in the new contracts.

Laporta added that Barcelona has also found disproportionate payments to intermediaries, not agents, and all of this led to the fall of the club’s finances.

His words, “When we took over the club we asked for a bridge loan of €80m (£68m/$94m) granted by Goldman Sachs because we would not have been able to pay the salaries of players and employees,”

“The previous board had received an advance of €79m (£67m/$93m) relating to 50 per cent of La Liga’s television rights and the banks charged it at 9% interest.”

“The reduction of wages by the previous board was not real. We have found those millions in different types of bonuses and variables included in the new contracts. We have found disproportionate payments to intermediaries, not agents, a transfer that cost €40m (£34m/$47m) and for a purchase premium we paid €8m and a sale premium of €2m. A person was paid €8m to find players in South America.”

“The entity’s controls were bypassed. Invoices were divided up, such as those of ‘I3 Ventures’ with ‘Barcagate’, invoices of ‘Espai Barca’ and of the debt contracted were also divided so as not to go through the Assembly.”

“Bartomeu’s letter is full of lies. It obeys an effort to justify management that is unjustifiable. It is an exercise in despair. We have a salary bill that represents 103% of the club’s total income. It represents 20-25% more than our competitors.”

“No one is going to escape from those responsibilities. The economic situation is worrying and the financial situation is dramatic. Barcelona has a net worth of minus €451m (£383m/$531m) and a debt of €1.35bn (£1.15bn/$1.59bn).”