FC Barcelona's debt soars to €4.109 billion after latest audit report

The financial audit of FC Barcelona for the year ended 30 June 2024 paints an increasingly difficult economic picture. The report prepared by Crowe shows that negative net equity has grown from €153 million to €168 million in a single year, when the target set to avoid another UEFA sanction was a 10% reduction to €138 million. The club also posted €18 million in losses for a fifth consecutive season and carries a total debt of €4.109 billion once every item is added up.

Key figures from the FC Barcelona audit

• Negative net equity climbs from €153 million to €168 million in one year; the official balance sheet shows €267 million.
• Working capital is negative at €404 million, making it harder to meet short-term obligations.
• Short-term debt doubles to €534 million; a year ago it stood at €266 million.
• Total debt reaches €4.109 billion including Espai Barça, bonds and the future loan for the Camp Nou roof.
• Revenue breaks the €1 billion barrier for the first time, but expenses reach €1.022 billion and losses still hit €18 million.

Barcelona's negative net equity worsens against UEFA requirements

The most striking figure in the report is the deterioration of net equity. The negative balance has gone from €153 million to €168 million in twelve months, although the club's balance sheet lists €267 million. UEFA rules demanded a 10% reduction to avoid a €15 million penalty, which would have taken the figure to €138 million. By failing to hit that target, Barcelona remains exposed to another sanction from the European governing body.

Working capital, which measures the club's ability to cover its most immediate payments, shows a negative balance of €404 million. This indicator reflects the liquidity strain the Catalan institution is under and explains why several financing routes have been activated in recent months.

FC Barcelona's total debt climbs to €4.109 billion

Short-term liabilities have doubled in a year, rising from €266 million to €534 million. Adding long-term obligations of €1.683 billion brings total financial debt to €2.217 billion. On top of that come the commitments linked to Espai Barça, which account for a further €1.38 billion.

The €210 million bond issue and the €300 million loan that the next General Assembly will authorise the club to request from Goldman Sachs to finance the Camp Nou roof push the final figure to €4.109 billion. This amount still excludes financial commissions and interest, which came to €111 million in the last financial year, €86 million of which relates solely to the Espai Barça credit facility.

Record revenue fails to prevent Barcelona losses

The positive note from the financial year is that revenue exceeded the €1 billion mark for the first time, reaching €1.06 billion. However, expenses also crossed that threshold at €1.022 billion, so no operating profit was generated. After deducting taxes and interest, the bottom line shows losses of €18 million.

This is the fifth consecutive year in which FC Barcelona has closed its books in the red, a trend that hampers the recovery of the balance sheet requirements imposed by LaLiga and UEFA to maintain sporting competitiveness.

Gordon signing and its impact on Barcelona's cash flow

One detail that underlines the delicate cash situation is the postponement of the first payment for Gordon's transfer to Newcastle United. Barcelona has deferred by one year the initial instalment of €22.3 million linked to an overall fixed fee of €70 million. The deal was completed with the player joining as an attacking reinforcement, but the lack of liquidity forced a renegotiation of the payment schedule.

Frequently asked questions about FC Barcelona's debt