Barcelona says a change in its accounting policy has turned what had been reported as a $14.3 million profit into a $100 million loss for the Spanish champion last season.
Barcelona's financial vice president Javier Faus says the gap between the two figures emerged from an audit by the accountants Deloitte, who used a different accounting criteria than the one applied by former club president Joan Laporta's management team.
The audit was carried out after Sandro Rosell was elected to replace Laporta in June. The new numbers issued on Tuesday also show that Barcelona's net debt stands at $574 million, up from $428 million a year earlier.
''There is a structural problem which Barca has failed to correct for the past six years,'' Faus said. ''The sporting excellence of recent years has not been reflected in economic excellence.''
He stressed that the club is not bankrupt.
Faus said Barcelona, which won the Spanish league last season and following victories in the league, Champions League and Spanish Cup in 2009, has ''hidden assets'' such as its youth team and real estate holdings, which he estimated are worth $325 million.
''We have the best player in the world, the best coach in the world, and eight players who are world champions,'' he said, a reference to the Spanish national team core that includes Xavi Hernandez and Andres Iniesta. ''So, this is not a dramatic issue.''
