European giant Club has been charged £500k by UEFA this morning After misreporting profits whereby breaking FA Financial Rule they will be relegated
Barcelona’s appeal against a $537,000 fine imposed by UEFA for inaccurately reporting income has been rejected, as announced by the European football organization based in Nyon, Switzerland. The fine of 500,000 euros ($537,000) was levied by UEFA’s club finance panel in July, following Barcelona’s misreporting of income in their financial statements for the year 2022.
The club had wrongly included income from the “disposal of intangible assets (other than player transfers),” which did not qualify as relevant income under financial monitoring regulations.
UEFA has chosen not to disclose the specific nature of the income that led to the fine, leaving certain aspects of the situation unclear. Barcelona has been grappling with financial challenges in recent times, with economic difficulties plaguing the club.
In June 2022, Barcelona inked a 25-year agreement with investment firm Sixth Street, valued at 207 million euros ($222 million), entailing a 10% share of revenue generated from domestic broadcast rights.
These financial struggles also drove Barcelona to participate in the ill-fated debut of the European Super League in 2021, a move that contributed to the departure of star player Lionel Messi from the team later that year.
Despite Messi’s desire to return to the club for the current season, Barcelona was unable to secure his comeback, resulting in Messi’s signing with Inter Miami.
This series of financial challenges and setbacks has highlighted the precarious financial situation of the club, making the unsuccessful appeal against the UEFA fine a further blow to Barcelona’s ongoing economic woes.
