The managing board released the financial report the 2014/2015 season.
With the 2014-2015 season completed, the FC Barcelona managing board released the clubs financial statement for the treble winning season. For the first time in club history the total income has surpassed the €600 million mark, it reached €608 million, with €15 million in after-tax profit. The income was greatly aided by the football club winning every trophy they played for and, as the report states, by sales of players such as Alexis Sanchez and Gerard Deulofeu.
While those numbers suggest excellent work by the outgoing board, the report also points out some big flaws in the system. The wage bill has reached sky-high levels of 73% of the income, with recommended levels being between 55 and 70 percent. Spending 73% on wages, a large increase from last season, partly "aided" by bonuses because of the trophy-laden season, is unsustainable long term because the club is still operating in debt, which has increased this season by a staggering €41 million, from €287 million to €328 million, and has big plans for the future, highlighted by a €600 million Camp Nou renovation.
With the increase in debt the board broke the rule stipulated in article 67. The rule allows for a maximum net debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of 2.75, but the current ratio is 3.2. The board will now have two years to get the ratio below 2.75 or they board will have to resign. There is a slight wrinkle to that rule as it states that only Josep Maria Bartomeu or Toni Freixa, if elected, would have to abide that rule and improve the ratio, as the two held a position on the board when the ratio exceeded its limit, while Joan Laporta or Agusti Benedito would have more time to right the ship.
More on the report, in Catalan, available here: http://ift.tt/1DiIacZ
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