Where did the billion go? Barcelona's opposition opens the liquidity file and embarrasses Laporta with ten fiery questions
A bombshell before the general assembly
Just five days before the ordinary annual general meeting scheduled for Saturday 19 October, the opposition group "Som el Clam", led by Joan Camprubí, dropped a heavyweight bombshell in the face of the Barcelona board of directors.
The blow landed in a detailed statement dissecting the Catalan club's finances, demanding the board answer ten burning questions "in a constructive spirit and without levelling accusations". At its core, though, it was a direct accusation of mismanagement.
Those figures made for grim reading on the desk of Joan Laporta's board. Far from ending, Barcelona's financial crisis is deepening.
The statement put the club's total debt at 2.441 billion euros, the highest of any club in Europe. That debt climbed by 357 million euros in a single year, with 676.7 million euros due in the short term.
Camprubí's group seized on a strange paradox. How can anyone talk of economic stability when new financing worth 354.4 million euros failed to stop cash liquidity falling by 91.5 million euros, and operating cash flow stayed negative? Management may celebrate record revenues past one billion euros, but financial expenses of 114.2 million euros wiped out any gain in operating profits.
The debts were only the start. The questions reached the club's flagship project, "Espai Barça", where the group demanded hard answers. What exactly is left to pay on the stadium? When will construction finish? What is the real plan for the new "Palau Blaugrana" arena? Will the club chase compensation from the builder for the delay? When will members learn their seating locations and the price of season tickets?
Equity opened another wound, sliding to minus 168 million euros and breaching UEFA's Financial Fair Play rules. That breach has already cost the club 15 million euros, and the penalty could rise by a further 45 million euros.
Article 67 of the statutes forces the board to cover the losses and restore the equity balance within two financial years or face early dismissal. The current board has suspended its application since 2021 while the net value stays negative.
Other queries in the ten were no less damning. What business plan justifies raising Barcelona's stake in "Barça Studios" from 53.4% to 63.14% when the asset has already suffered an impairment loss of 69%? And where are the salary controls if the 2026/27 budget pushes athletes' wages back to almost pre-pandemic levels, at 633 million euros against 636 million euros in the 2019/20 season?
More followed. Why has the non-sporting structure grown by 60% over five years? Has the regular sale of players become the only route to financial balance, turning Barcelona into a structural selling club? And how credible is the 2026/27 budget after four straight years of non-compliance, with a further negative deviation of 22 million euros this year?
"Som el Clam" signed off with a clear message to the management: "Clear answers are essential to build and protect the future of our club. We want a strong club with a sound financial situation that allows us to remain excited at the stadium for many years to come".
