Barcelona won’t reach record revenue because of virus

Barcelona had been on track for a record season in revenues, set to surpass 1 billion euros ($1.1 billion) for first time in club history. A month later, club is bracing for losses caused by coronavirus pandemic.

“We are club with greatest revenue in world, but it’s true that we won’t be able to reach 1.05 billion euros that we had budgeted for,” Barcelona president Josep Bartomeu said in a series of interviews published by Spanish media on Tuesday. “We were on a record pace in February, well above our expectations.”

Bartomeu’s comments came a day after club cut players’ salaries by 70%, allowing it to save nearly 16 million euros ($17 million) monthly, which he said won’t be eugh to make up for loss of income if competitions remain on hold and lockdown continues in place for much longer.“We have income from ticket sales, TV rights, hospitality, stores, museum ...” he said. “It’s a very significant decrease in revenue and we are trying to compensate it with reduction of salaries of athletes and employees, including executives, and with or ways of reducing costs and projects that can be put on hold.”

Spain has been one of hardest-hit countries by pandemic, with nearly 95,000 cases of infections and more than 8,100 deaths. It recorded 849 new deaths on Tuesday, highest daily toll since pandemic hit sourn European nation. Bartomeu said he hopes current situation will start improving in about two months, but losses will likely be inevitable if rmality is t restored.“For last few days we have been studying how to adjust when pandemic is over,” Bartomeu said. “We will change models and way we do things. We will have to adapt and be a pioneer.”

president said millions in monthly savings represent nearly 6% of athletes’ annual earnings. He downplayed conflicts with first-team players, who on Monday published a letter critical of team officials saying y put squad under pressure. Bartomeu said first meeting with players took place on March 20 with a video conference with Lionel Messi, Sergio Busquets, Gerard Piqué and Sergi Roberto. He said he didn’t want pay cut to be an imposition and that players were on board with it from start.“re were 10 days of constant dialogue,” president said. “re were a lot of rumors, and certainly re were people inside and outside club who gave opinions without kwing real situation. re are lots of measures to help soften decrease in income, but ne could take place without agreement of first-team players because y are club’s foundation.”

players and club were also contributing to salaries of or workers. Bartomeu said Barcelona’s measures were similar to those of or top European clubs, including Juventus, which recently also reduced salaries in agreement with its players in Italy.Atlético Madrid was doing same in Spain, although Real Madrid has yet to make anuncements about its financial changes during crisis.