Joan Laporta revealed just how delicate Barcelona's financial situation is during a press conference on Monday, with a negative net worth of 451 million euros.
After comparing their situation to other clubs, Laporta recognised that Barcelona have been overspending on wages.
"Barcelona have a negative net worth of 451 million euros," Laporta announced, as well as having "a wage bill that represents 103% percent of the club's total income. It represents 20-25 percent more than our competitors."
The Barcelona president noted that they have not found it easy to encourage the players to accept lower-paid contracts.
"[We have] found a difficult situation when renegotiating the players' contracts," Laporta added. "There was a modus operandi that bypassed internal controls."
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