Sports

Barcelona Posts €97m In Losses Due To Coronavirus

 Spanish giant Barcelona has claimed that but for the crisis occasioned by the coronavirus pandemic they will have posted a record-breaking revenue in excess of €1 billion. Instead, they today announced a loss of €97 million for the 2019/2020 economic year. This is a massive €203 million decrease in revenue.

The Catalan side finished the year with an €855 million revenue that should have really been a record-setting €1.059 billion but for the outbreak of COVID-19. And in spite of the club’s management decreasing their expenses for the year by €74 million the club still suffered such significant losses.

The Club statement on the loss read: “FC Barcelona has not been immune to the outbreak of COVID-19, but its consequences have had a massive effect on the entire sports industry, with widespread losses of revenue among all clubs in all the major leagues due to the restrictions that had to be applied to curb the spread of the disease, including competitions first being suspended and then resuming but with matches being played behind closed doors.

“ECA (the European Club Association) has estimated the overall loss at around four billion euros and Barca, as one of the largest clubs in Europe and with such extensive diversification of its income, is one of the most affected.

“The club suffered financially from the consequences of games being played behind closed doors, as well as the total cancellation of the basketball Euroleague, and hence there was a considerable loss of income.

“The lack of tourists and visitors to the city of Barcelona due to the reductions and limitations applied to international tourism also meant far fewer visitors to Barca’s premises, meaning major losses in terms of such areas as visitors to the Camp Nou Experience and the sale of products in official stores.”

Looking ahead, the club is provisionally estimating €791 million in revenue for the 2020/2021 financial year.

Source: thewillnigeria.com