Blow to Barça's finances as they must come up with 47 million euros
Barcelona spokesman Josep Vives revealed that Monday’s board meeting was more extensive than planned as a consequence of some in depth issues which came up.
One of them, of maximum importance due to the impact it could have on the club’s finances, was the arbitration award recently made regarding a piece of land located in Can Rigalt, an area located to the north of L'Hospitalet de Llobregat.
The club have said: “[The arbitration award] establishes that FC Barcelona will have to undo the operation carried out in 2005 and recover the 10,000 square metres that the club sold at that time to the construction company 'Inmobiliaria Mar’. In 2005 this operation generated 28.6 million euros profit and allowed the club to close its annual accounts with pre-tax profits of 35.2 million euros.”
As a result of that "the arbitration award has been fixed at 47 million euros, equal to the 35.4 million euros the club charged 11 years ago plus legal costs and interest.”
FC Barcelona, whose legal services are thoroughly studying the arbitration award, are obliged to recover the land because the arbitration tribunal in the case have ruled that the club have not complied with the details in the contract which was signed with 'Inmobiliaria Mar’ in 2005, when Joan Laporta was president of the club.
Vives said that “it’s not the time to look for culpable parties, but to manage the situation in the best way possible. The financial area of the club are looking into the effect it could have, as are our legal services.”
In simple terms: FC Barcelona must return the money they earned plus interest, undo the operation and once again be left with the land at Can Rigalt - and look for 47 million euros which wasn’t in the budget.
