FC Barcelona posted a loss of €91m (£75.8m/$101.1m) in 2023-24, primarily due to the failings of its digital business, Barça Vision.
The LaLiga club said it has recorded a record write-off of certain receivables related to the actions of Bridgeburg Invest, the holding company of Barça Vision, due to non-payment by some participating investors.
Barcelona said that, pursuant to accounting principles, the club must record this potential default as a precaution, “notwithstanding under any circumstances the right to collect the amount in the future or take the necessary actions”. The amount recognised as an extraordinary expense totals €141m before taxes.
Barcelona added that there are “sufficient grounds” for the current valuation of the company, with the club remaining confident in Bridgeburg Invest’s future viability and capacities through a business plan that can generate recurring revenue in the near future.
In August, Barcelona extended its partnership with Aramark through a new strategic agreement that saw the hospitality services company invest in Barça Vision.
The US firm is FC Barcelona’s current catering and hospitality provider and has broadened its association with the club. Aramark Spain is the official catering partner for the future Camp Nou and will also service the wider Espai Barça complex.
The financial results were released yesterday (Monday) with the club in the midst of a major expansion of the Camp Nou. Barcelona has been playing at the Estadi Olímpic Lluis Companys since the start of last season and will continue doing so for the first half of the 2024-25 campaign before moving into a partially opened Camp Nou in January.
According to Barcelona, playing at the Estadi Olímpic resulted in a reduction in annual ordinary revenue of over €100m in 2023-24. The club said it has offset this loss by bringing forward the redevelopment of the Camp Nou as much as possible.
Despite posting a loss for the year, Barcelona posted a new sponsorship revenue record of more than €210m. Barcelona’s headline sponsor is audio streaming service Spotify, which holds naming rights to the Camp Nou and appears on the front of the club’s shirts.
The club also published record turnover for Barça Licensing and Merchandising of nearly €110m, a 72% increase on 2018. Barcelona also pointed to record profits from player transfers and a €170m reduction in its payroll from €670m to just over €500m.
Barcelona also adjusted the deficits of its other sports teams. Its basketball club reduced its deficit to historic levels, while its women’s football team posted a profit of €600,000 in a year that saw it lift the UEFA Women’s Champions League.
For the 2024-25 financial year, Barcelona is forecasting lower recurring revenue from stadium options during the ongoing redevelopment of the Camp Nou, with a “progressive recovery” of stadium revenue predicted once the team returns.
Sponsorship revenue is expected to reach more than €250m, while physical and e-commerce sales are projected to generate more than €125m in revenue. Barcelona is forecasting a positive ordinary result of €5m for 2024-25, ahead of the 2025-26 season which will see the new Camp Nou become fully operational.
