It has been alleged that Barcelona are set to be declared bankrupt in March as the club seek a massive loan to try to stabilize the ship.
Camp Nou’s financial woes are well documented, and forced Lionel Messi to quit this summer.
The Argentine had agreed to stay with Barca, but their debts and massive losses saw a restrictive salary cap enforced by La Liga.
This limit made it impossible for Messi to check in and he moved to Paris Saint-Germain with a free transfer.
With gross debts exceeding € 1 billion and net debts close to € 700 million, the situation is dramatic and we had to tighten our belts.
And a “senior member” told El Mundo that Barcelona were on the verge of bankruptcy in March.
The source said: “I was days, weeks, without being able to sleep. Listeners were ready on March 31 to classify the club as an unsustainable business.
“It would have automatically turned off the tap on the banks and we would have gone into liquidation. The possibility was real.
“If the € 595million from Goldman Sachs had not arrived, the club should have closed, as any business does. This credit saved the club.”
On Sunday, Barcelona’s board will seek members’ approval for a new € 1.5 billion line of credit, which will be used for the Camp Nou redevelopments.
The board of directors of Joan Laporta will ask to suspend “temporarily” article 67 of the statutes of the club which obliges the board of directors to resign if it does not reimburse the losses in two years, or if the net debt is the double the value of earnings before interest, taxes, depreciation and amortization.
There are fears, however, that any deal could undermine the fan ownership model, and it is not clear whether approval will be given for the loan to be taken out.
And a source warned that the consequences of not securing the investment would be disastrous: “We risk not being able to compete with anyone. Let alone clubs that are owned by a state or a billionaire.
“There is no plan B.
“We would be a mid-table club in La Liga.”