FC Barcelona: Bartomeu replicates Laporta and estimates the impact of the covid at 225 million | sports
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Josep Maria Bartomeu and the board he chaired from 2015 to 2020 have replicated the accounts that the current board of Joan Laporta will present next Sunday at the assembly of Barça compromisers. Bartomeu’s team questions some of the known economic criteria of the due diligence and that were presented last week by the general director of the club Ferran Reverter, who described the management of the previous FC Barcelona council as “disastrous and improvised”. Thus, Bartomeu figures the impact of the covid in the 2020-2021 season at 225 million, after following the guidelines of Royal Decree 1162/2020, of December 22, which establishes special conditions for the application of the compensation regime of guarantees on sports corporations, to face the impact of the pandemic.
The norm establishes that “for the purposes of calculating the amount of guarantees, negative economic results will not be considered, in the years affected by covid 19, negative variations in the accounting net worth of professional clubs directly linked to the economic impact of covid ”. Based on these guidelines, the outgoing board understands that “the most objective formula” to calculate this decrease in income in the 2020-21 season is to compare it with those obtained in the last season closest to the time when there was no covid, that is to say the 2018-19.
From one season to the next, Camp Nou revenues fell by 187 million; commercials, 57 million; those of the media, 16 million; and those obtained by the transfer of players, 70 million. That is to say, that Barça stopped entering 330 million for those concepts. In addition, the note figures the reduction in expenses due to the pandemic at 105 million, and not 125 as the current board reflected in its audit, since Bartomeu and his directors consider that there was also an increase of 20 million in derivative financial costs. of the pandemic. Therefore, the covid impact of the season would be 225 million euros.
The statement also qualifies some interpretations regarding the 263 million provisioned by the Laporta board: 79 of them correspond to pending litigation and another 24 million, in principle, “to a non-payment of the contract by Nike, sponsor and supplier with which It is already being negotiated in such a way that, within the probable agreement, this money, or part of it, can be returned as a benefit, ”says Bartomeu.
The previous meeting stops more extensively in the 160 million game due to the deterioration of some players in the squad: “This reclassification and valuation accepted by the auditor, although atypical, is lawful, but the responsibilities and derivatives are assigned to the manager that executes them. As much for the losses as in the gains, if they occur, when the transfer is made ”.
“In this sense, it is striking that in budget 21-22, in the transfer profit items there is an increase of 25 million (44% more) where the Griezmann and Trincao operations closed between July and August of 2021 ″, adds the note.
For this reason, Josep Maria Bartomeu and his board consider that the result of the accounts for the 202-21 season would have been “very different” if the covid had not existed and only the usual provisions had been applied, without atypicals, maintaining the same credits. fiscal indicated in the audited accounts.
Specifically, they estimate that the 555 million losses last year (481 million after taxes) would have been only 50 million before taxes if the pandemic had not existed. And it is that those 555 million would have to subtract the 225 of the COVID impact, the 263 million of the atypical provisions and the 17 million of tax credits, according to the criteria of the previous management team.
The statement also recalls that the current board of directors has advanced the accounts to the commissioning members informing them that the club’s net debt as of June 30, 2021 is 680 million euros. And that, taking into account that the total investments made in the development of the Espai Barça is 122 million euros, the adjusted debt is 558 million euros.
“The data will serve to deny the interpretations and information that have erroneously used the figure of 1,350 million of net debt, and that, as clarified in the audit notes, the club continues under the accounting principle of ‘Company in Operation’, and in no case of risk of liquidation and dissolution ”, Bartomeu and his team specify in their presentation.
And finally, he concludes: “We agree with the current Board of Directors, that despite the terrible impact of the covid in the last 18 months, the club is alive and has assets, brand, land, content, story and support from our sponsors, financial entities, suppliers, employees, partners and culés del Mundo to get ahead successfully and reinforced from this difficult stage ”.
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