Barca gets big loan to ease woes
Source: Agencies |
July 17, 2010, Saturday
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Print Edition
Print Edition
BARCELONA has 50 million euros (US$64.08 million) available to spend on strengthening its squad, the Spanish champion said on Thursday.
The club was forced to secure a five-year 155 million euro bank loan on Wednesday, to help resolve long-standing cash-flow problems and to meet immediate commitments such as paying the wages of staff and players from June.
New president Sandro Rosell and his board took the helm on July 1 and have set about re-organizing the club's finances, but they said funds were still available for coach Pep Guardiola.
"The club has approximately 50 million euros net to spend on new players each season," Barcelona said on its Website after a news conference by vice-president for finance Javier Faus.
"In the case of this season, buying David Villa (40 million euros) combined with the sales of Yaya Toure and Dmytro Chygrynskiy balance themselves out.
"This means the club still has 50 million euros to spend."
Barcelona is trying to convince Arsenal to sell Spanish international Cesc Fabregas, but has already had a 35 million euro approach rejected.
It is expected to continue the pursuit of the player, but Rosell has warned they are not prepared to break the bank to land him.
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