Barcelona have suffered losses of more than €77million over the past year, according to the club’s vice-president of financial affairs Javier Faus.
The previous board, led by former president Joan Laporta, announced that the Catalan giants were €11million in debt at the end of their tenure in June.
However, additional research from financial group Deloitte on behalf of the new board fronted by Sandro Rosell has revealed that the club’s plight is worse than originally feared.
The new audit shows that Barca had an income of €408.9million for the 2009-2010 season, but costs amounting to €477.9m.
The club recently took out a €155million euro loan to pay player and staff wages, as well as a quick sale of defender Dmytro Chygrynsky back to Shakhtar Donetsk and Yaya Toure to Manchester City.
The Spanish champons have already signed David Villa from Valencia and are still hoping to sign Arsenal captain Cesc Fabregas, but the size of their debt makes a deal look unlikely.
Further spending of around €8million euros means the overall deficit is calculated at €77.1million, a figure criticised by Faus.
“The figures presented by the former board don’t reflect the real image. They have cheated,” Faus said.
“There is a structural problem. The sporting excellence in the last few years has not been reflected in economic excellence.
“The new board’s goal is to bring economic excellence alongside sporting excellence.”