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Context of 'July 14, 2010: Barcelona Takes Out 150m Loan to Cover Player Salaries'

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Businessman Sandro Rosell is elected president of Spanish football club FC Barcelona, succeeding Joan Laporta, who had been in charge for seven years. Rosell, a former Barcelona vice president who resigned in 2005 after arguing with Laporta, wins more than 60 percent of votes cast by club members. [BBC, 6/13/2010]

Entity Tags: FC Barcelona, Sandro Rosell

Timeline Tags: Football Business and Politics

FC Barcelona takes out a €150m loan to cover the football club’s expenses. The need for the loan was announced a week before it was taken out, when newly elected club president Sandro Rosell said the loan was to pay wages for players, coaching staff, and other employees. The loan is provided by a group of Spanish banks headed by Santander and La Caixa. [Press Association (London), 7/14/2010]

Entity Tags: Banco Santander, FC Barcelona, La Caixa, Sandro Rosell

Timeline Tags: Football Business and Politics

FC Barcelona president Sandro Rosell announces that in the previous season the football club made a record loss of €79.6m and that its debt has climbed to €430m. Rosell also proposes that the club file suit against previous president Joan Laporta over dubious bookkeeping practices, a proposal that is approved by a narrow majority at the general assembly of club’s members. According to Rosell, when he took over from Laporta (see June 13, 2010), he had the club’s books checked by outside auditors. The results of the audit led him to propose the action against Laporta, with whom he has been in conflict for several years. [DPA, 10/16/2010]

Entity Tags: FC Barcelona, Sandro Rosell, Joan Laporta

Timeline Tags: Football Business and Politics

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