Barcelona release details of their latest credit rating

Barcelona have released details of their latest credit check with the club receiving a 'BBB stable negative rating'.

Barça's financial woes have been well documented in recent years, with the La Liga giants forced to work on a shoestring budget as they look to safely navigate their way out of the mess they find themselves in.

The club have now taken to their official website to communicate the findings of their latest credit check, and while they were quick to suggest the investigation had resulted in a 'vote of confidence', the truth of the matter is their rating is far lower than would be expected from such an enormous organisation.

"The sporting and financial project of the new FC Barcelona board of directors has received a vote of confidence in receiving a stable triple B negative credit rating from the credit rating agency Fitch," the statement read. 

"The credit rating agency gives a triple B rating to companies that are satisfactory at the time of rating, just as has happened to FC Barcelona after their assessment. 

"With this BBB stable negative rating the Fitch agency values positively the club's financial project, which will have to undergo important readjustments to balance books. 

"The confidence shown by Fitch allows the club to look to the future with optimism and at a moment when the organisation is adjusting is financial viability plan as well as its strategic plan."

News of Barça's financial plight won't come as a surprise to anyone who's followed the club's progress in recent seasons.

The Spanish behemoths are still desperately clinging onto the premise of a lucrative Super League, while they're also currently facing the very real prospect of being unable to register some of their summer signings as they've already exceeded La Liga's salary cap.

Years of financial mismanagement and poor decisions have ultimately led to Barcelona being in the state they're in, and club president Joan Laporta has a big job on his hands if he's to balance the books at Camp Nou.

This article was originally published on 90min as Barcelona release details of their latest credit rating.

Source: www.90min.com