Barcelona chief executive Ferran Reverter explained the extent of the club's financial problems at a news conference Wednesday, saying it would not have been able to survive if it was a public limited company.
"When we came in this March, we found a club that was technically bankrupt; if it was a PLC, [the club] would have been dissolved," Reverter said. "There was no cash flow and we had difficulties paying salaries. Debt and future liabilities amounted to €1.35 billion and there was an urgent need for refinancing."
Barcelona is a members-owned club with over 144,000 members.