Wednesday, December 8

The autopsy of the ruin of Barça

Ferran Reverter, the CEO of Barça, details Bartomeu’s “disastrous management”, with 1,350 million in debt, unaffordable signings and shadows of suspicious actions.

Unacceptable transfers, unpayable salary, early collections, deferred payments, disproportionate commissions, chopped invoices, payments to journalists, unrealizable projects, ruinous Camp Nou, fictitious numbers, inaccurate valuations, deleted emails, contractual breaches …

Barça was the house of terror.

The club is commissioning another investigation to clarify whether there is evidence that crimes were committed.

It was because the new board that entered the 7 of March, Joan Laporta’s board, has described the chaotic situation of the club when arriving with words and adjectives, as if it had not been illustrative that Barça presented losses of 481 million of the previous campaign for a total debt of 1,350 million.

“We assume an entity in a situation of accounting bankruptcy. If Barça were Sociedad Anónima Deportiva (SAD) it would have been cause for dissolution; in April it could not continue operating because there was no money in the box”

Ferran Reverter / CEO of FC Barcelona

It was because the new CEO of the entity, Ferran Reverter, he assured yesterday, when exposing the details of the due dilegence manager, that this board “has a plan, and it is a plan that has a lot of credibility,” he said, based on the fact that they have found investors interested in collaborating with Barça to lift it from moral and economic ruin that he bequeathed as an inheritance Josep Maria Bartomeu and its collaborators.

“We assume an entity in a situation of accounting bankruptcy. If Barça were Sociedad Anónima Deportiva (SAD) it would have been cause of dissolution; in April it could not continue operating because there was no money in the box,” Reverter began to explain, proud to carry carried out “an exercise in transparency” that “is rarely seen in a sports club” for 98 minutes, in the presence of Laporta executives, advisers, executives and an external collaborator such as José Elías, one of the main guarantors, and owner of Audax, a renewable energy company.

“Chaos, disorder, improvisation …”

They have taken six months to expose and share the “chaos, disorder, improvisation, misrule, lack of control” that distinguished the predecessor management, because, upon entering the offices, “documentation was missing.”

The Laporta board rules out that the club is going to be SAD and denies that it is going to ask the members for a spill.

Managers and executives worked, according to Reverter, with personal computers, between which the information was transferred and then proceeded to “delete dozens of emails”, with which there is no record or justification of many previous “activities” despite the fact that for a time he shared his role with Òscar Grau, the previous CEO. Bartomeu resigned in October and the elections were delayed until March 7.

“I can confirm that it has been a disastrous management,” admitted Reverter, without leaning between bad faith or incompetence to judge the inheritance received. The opacity has delayed the explanations, but it will not avoid more serious consequences than the simple public disgrace of the ex-managers. “The financial debt has gone from 159 million to 673 and did not go through the assembly,” the executive slipped.

“The financial debt has gone from 159 million to 673. It has increased by 500 million and that did not go through the assembly”

Ferran Reverter / CEO of Barça

‘Forensic’ to find evidence

In this sense, after the due dilegence, a forensic, an internal investigation by which contract by contract will be reviewed, mainly in purchases and in the Barça space, to find evidence of possible irregular expenses and / or crimes that result in legal actions. Reverter only revealed that payments to journalists had been detected “from the club and from the federation of supporters.” He did not give names. Nor did he give them from commission agents who obtained payments “of between 20 and 33%” in interventions “when the normal range is between 5 and 10%.”

“They bought players without knowing if they could afford them. Griezmann has already been seen,” says the CEO

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“They bought players without knowing if they could pay them,” Reverter denounced about the lack of planning in the internal operation with Bartomeu. The acquisitions of Coutinho and Griezmann were clear exponents of this null forecast: “We launched ourselves at Espai Barça, the most important investment in history at the same time as the crazy purchase of players.”

The imposing decrepitude of Barça, which on the 17th faces the Assembly of Compromisarios, it has a solution. Like Laporta, the Barça chief executive made a hymn to the optimism and resilience of the entity. They hope to make a profit this season and a full recovery in five years, without the conversion to SA and without asking for spills from the partners.

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