Barcelona says audit shows club was technically bankrupt

“There was an inverted pyramid, with veteran players having long contracts and young players having one-year contracts, which makes it difficult when it comes to negotiating.” 

Barcelona in crisis: The club's salary cap had to be slashed to €97 million, about €285 million less than a year ago and more than seven times smaller than that of Real Madrid.

Barcelona was technically bankrupt when president Joan Laporta took over earlier this year, the club said on Wednesday.

Barcelona CEO Ferrán Reverter presented a grim picture of the club’s financial situation while releasing the results from a Deloitte audit that started after Laporta arrived in March following the resignation of former president Josep Bartomeu and his board of directors last year.