16.10.2010 11:02

Due Dilligence results presented

www.fcbarcelona.cat

FC Barcelona revealed the results of a Preventive Audit report carried out by KPMG at the club's delegates’ assembly on Saturday morning.

Sandro Rosell was present as KPMG chief Ferran García Ferrer explained the outcome with a detailed conclusion of the Due Dilligence findings with which the company was charged by the new board when they took over in the summer.

The report, Rosell stated, was derived as an exercise of transparency in order to show FC Barcelona's club members the real economic state of the club. Ferran García then said that the report was the result of three months of intense work which analysed the activity of the club from the legal, accounting and financial standpoint. At the same time, the patrimony of the club was also valued and given in the results.

Main conclusions

Among the conclusions was the news that last season there was a loss of nearly €80 million which largely came as a result of the increase in expenses ahead of income. In this sense, it was also highlighted that the increase in ordinary expenditure over the ordinary income was €35.5 million. The deficit was €59.1 million while the cash balance was elevated to around €120 million.

The Preventive Audit found insufficient control of the management of outgoings in the current context as well as deficiencies in the internal control in the matter of documentation of the nature and need of each expense.