The 2024 Ordinary General Assembly of FC Barcelona has given the green light this Saturday to the economic closure of the 2023/24 season with 71.3 percent of the votes in favor of numbers that, although they contemplate ordinary profits of 12 million euros also indicate net losses of 91 million euros, the result of non-payments by the entity’s partners in the Barça Vision technology company.
Despite the fact that at the time of the vote for the financial year of the last campaign, a record was reached – in telematic Assemblies – of 927 delegate members present in person or virtually, only 634 delegates voted and, of these, 452 voted in favor, 156 against and 26 blank, leaving the absolute majority of approval of the accounts above 70 percent.
The treasurer of the Blaugrana club, Ferran Olivé, explained in detail the state of the accounts, which closed with 12 million euros of ordinary profits. A positive figure that has not occurred since 2017. However, following the recommendations of the auditing company, the non-payments in Barça Vision are considered as losses (141 million euros) and the net closing of the previous year is settled with with a net result of -91 million euros.
“It is great news because we are not losing money in ordinary business, something that has not happened for seven years. This is stopping the bleeding, it has stopped definitively,” said the treasurer.
Olivé, however, was optimistic because he believes that the economic flow will cause these losses to be reversed “in the coming months.” And he especially highlighted the effort made to reduce, within the expense item, the wage bill. “The reduction of 170 million euros in the salary bill is very important (from 670Meuro to just over 500Meuro). This reduction places the club once again within the ratios recommended by UEFA: salary mass over recurring income between 55 and 70%,” he noted.
For the treasurer, playing at the Estadi Olímpic led to a reduction in ordinary income of more than 100 million euros, but he highlighted in his presentation the historical record of income from sponsorship (more than 210 million euros), the record in turnover of the BLM ‘merchandising’ subsidiary (110 million euros) and the benefits from the transfer of players, as well as a readjustment of the sections’ deficit.
Regarding the extraordinary results, these losses of 91 million euros, he assured that the reason is that the club has proceeded to impair a series of accounts receivable derived from the shares of the company Bridgeburg Invest, SL due to the non-payment of part of some of the investment partners involved. In compliance with the General Accounting Plan, the club must record this potential non-payment as a precautionary principle, without under any circumstances renouncing to collect it in the future.
Before the vote on the economic closure of last season, the president, Joan Laporta, took the floor to ask for a favorable vote. “The board of directors requests a favorable vote on the accounts for institutional stability and because it will be a sign that we remain united. And because it gives us the strength we need for the future in every sense. These accounts reflect a favorable evolution of the Barça’s economy,” said the Blaugrana president.
THE 2024/25 BUDGET APPROVED
Regarding the budget for the current 2024/25 season, the Assembly also voted comfortably in favor of numbers that provide for 5 million euros of profit and to continue working in favor of the economic recovery of the Blaugrana entity.
Ferran Olivé explained that the club’s forecast is to repeat a close of the year with a positive ordinary result of 5 million euros, thus ensuring a positive EBITDA generation that allows consolidating the bases for the 2025/26 season.
At the time of the vote, there were 514 delegates who had a voice, with 409 votes in favor, 28 blank votes and only 75 votes against.
“It should be noted that we ask for a vote in favor. We have followed the line urged by the Economic Commission. I understand that voting in favor of these budgets, which are conservative in terms of income and strict in expenses, is good because it reflects the continuity of how we have acted since we have been at the club,” commented Laporta before the voting process for the accounts of this year.