Assembly passes financial accounts for 2019/20 and budget for 2020/21

Assembly passes financial accounts for 2019/20 and budget for 2020/21

President Joan Laporta calls for endorsement to avoid stagnation of losses of 97 million in 2019/20 and a bidget of 828 million for the coming season

The FC Barcelona delegate members have issued their approval of the financial accounts for the 2019/20 season that were presented this Sunday during the General Assembly, which was held for the first time at the Camp Nou. The club's highest decision-making body approved the liquidation of the financial year for this season, with losses of 97 million euros, and the budget for the 2020/21 season has also been given the green light with revenue of 828 million euros. President Joan Laporta called for a vote in favour "to continue the path ahead" and prevent stagnation at the club, and adding that the assumption of "major risks for its viability" has been key to validating the accounts formulated by the previous Board of Directors.

82% of votes in favour of financial year

The economic vice president of the previous Board of Directors, Jordi Moix, was responsible for explaining the financial details of the 2019/20 season to the delegate members.

According to the closure of accounts by the previous Board, turnover was 855 million and the expenses totaled 955 million, with a final result after taxes of 97 million euros of losses, largely as a consequence of the loss of revenue derived from the effects of the pandemic.

General dissatisfaction was expressed with the management by the previous Board of Directors, but the members were willing to go along the argument put forward by President Laporta: "Our responsibility and that of all of you, the owners of the club, is to do what must be done to be able to continue on the path ahead." Last season's finances were ultimately ratified by a large majority of the 751 members present, with a total of 616 votes in favor (82%), 67 against (9%) and 68 (9%) abstentions. The Board of Directors, led by President Laporta, voted favourably, with the exception of the four directors who are pending ratification and are not yet able to exercise their right to vote, the economic vice-president Eduard Romeo, the treasurer Ferran Olivé and the members Ángel Riudalbàs and Juan Soler.

Budget for 2020/21

Jordi Moix himself made the presentation of the budget for the 2020/21 season, in which he presented a turnover of 828 million euros. Likewise, the budget plans for expenditure of 796 million, with a positive balance of 32 million and a profit of 1 million after taxes.

At this point, President Joan Laporta also asked for the members to pass the figures, insisting on the same arguments presented in the liquidation of the exercise, describing the importance of "avoiding institutional paralysis and making the truth known."

The budget for the current season was finally been approved by a majority vote, with 578 votes for (78%), 71 against (9%) and 94 abstentions (13%).

Previous board not exonerated

President Laporta, however, has made it very clear that if in the future the current Board of Directors might obtain any report "that might reveal any falsehood in the accounts formulated by the previous Board of Directors, it would reflect these accounting differences in the settlement of the accounts for 20/21, which will be submited for approval at the next Assembly."

In such a case, "responsibilities will be purged, and the previous Board of Directors is not exonerated by the fact that we approved the accounts today."

The Due Diligence being carried out by the Club in various fields and which will be completed in mid-July will offer the full picture of the Club's situation. Explained Loprta, this will present detailed information on any deviation that has occurred and then this Board will be entitled to take the appropriate actions to ascertain responsibilities."


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