Debt-ridden Barcelona can't pay players' wages

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New Barcelona president Sandro Rosell has revealed the extent of the club's financial woes and admitted players' wages for last month have not been paid.

The Spanish champions published their accounts for the 2009/2010 season last week and this indicated that revenue had risen by 10 percent from the previous season to €445.5 million. This was attributed to increased income from marketing, loans, player transfers and the sale of a plot of land.

There was also an 18 percent jump in spending to €429 million. Much of this was cash paid to players as wages and bonuses which totaled €305 million.

The figures revealed that the net profit for the period was €9 million and debt was €326 million.

"We found a club in debt, with liquidity problems, at this point we have to take a loan to pay the players’ wages," Rosell explained in an interview with Sport.

"The squad were supposed to be paid at the end of last month and still haven't been.

"We'll fix a loan of €150 million. The banks know that we have a business plan that will allow them to recover the money.

"The club is not bankrupt because it generates income."

Rosell added: "The members should not be afraid because it is under control – we must resolve this tension.

"The previous board had already begun this process. We followed the same path – the same banks, the same target but with a different business plan."

Asked how a club with a turnover of €400 million could be in such a predicament, Rosell said: "It has spent more than it has made."

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