Why Barcelona could face bankruptcy despite profits of €300m
Tom Weber
- Updated: 28 Sep 2023 13:31 CDT
- 3 min read
Despite recording profits amounting to €304 million over the course of the 2022/23 season, Barcelona could face bankruptcy over the Negreira Case, according to a report.
Even though great progress has been made regarding the club's financial situation since Joan Laporta became president, the Blaugrana are not out of the woods yet. On the contrary, the latest developments in the match-fixing scandal involving the former vice-president of referees Jose Maria Enriquez Negreira pose perhaps the biggest threat to the club's existence than anything that came before.
Several people implicated in the case, including ex-Barcelona president Josep Maria Bartomeu, have been charged with bribery over payments of €7.7 million to Negreira between 2001 and 2018. The club themselves will be among the defendants and, if found guilty, "could be suspended from trading as a professional football club, which would likely plunge the 124-year-old member-owned entity into bankruptcy," reports The Telegraph.
READ: Barcelona charged with bribery by Spanish court
In the eyes of the judge, Negreira was a public servant at the time, which makes the allegations of bribery even more problematic. Moreover, the judge believes that Barcelona, despite their assertions to the contrary, did in fact receive an illegal advantage from their actions.
UEFA's decision and profits
UEFA have also launched an investigation of their own into the matter, which could see Barcelona banned from the Champions League, though the governing body will refrain from giving a verdict until the Spanish courts make their decision.
If UEFA were to mete out a punishment beforehand and Barcelona were cleared of any wrongdoing in Spain, UEFA themselves could become the target of a lawsuit, hence their reluctance to get involved at this time.
READ: Barca's shortlist revealed - Man Utd and Arsenal stars wanted by Xavi
Barcelona have today revealed that they made profits of €304m during the 2022/23 season thanks to their famous 'levers.' Initial forecasts had projected profits of €274m.
Mundo Deportivo writes: "Looking ahead to the 2023/24 financial year, already underway, without 'levers' or planned asset sales, the Barça club projects an income that amounts to €859m and a profit of €11m before taxes as outlined in the Viability Plan approved by the board of directors."
