foxsports
Barcelona president Sandro Rosell says the club will cut back spending to help reduce its debts of more than $563 million, blaming predecessor Joan Laporta for the club's poor financial state.
Rosell addressed his first members meeting on Saturday, where vice president Javier Faus said the club lost $112.2 million last season.
Faus said there was still reason for optimism as revenues of $580 million were ''the highest in the club's history.''
Rosell said ''austerity will be a pillar in our day-to-day management,'' adding that banks had extended $216 million in credit.
ADVERTISEMENT
Barcelona is fourth in the Spanish league.
share
