Laporta: Barca can escape financial hole in 18 months

FC Barcelona can reverse their poor financial situation within a year and a half, president Joan Laporta told a news conference Monday, after saying the club ended last year 451m euros ($531m) in the red.

Laporta said the team have many potential sponsorship deals open to them.

With their finances in dire straits after years of wage inflation and expensive transfers, the club could not afford to renew its contract with star striker Lionel Messi, leading to his shock departure to Paris Saint Germain last week.

Still, Laporta said he was optimistic for the future, stressing that the club had many options open to it, including some 17 investors interested in Barca Studios, which groups together the club's audiovisual businesses and serves as a hub for events.

Barca's previous management had contracted investment bank Goldman Sachs to seek potential investors for the club's commercial arm but none of the proposals were satisfactory, Laporta said.The club's debts total 1.35bn euros, 673m of which are owed to banks, Laporta said.

Last week Reuters reported that Goldman had agreed to lend 1bn euros to private equity firm CVC's planned multibillion euro investment in Spain's top football league, LaLiga, a deal which Barca opted out.

Along with rivals Real Madrid and Athletic Bilbao, Barca voted against the proposal at a general assembly Thursday.

Laporta had previously slammed the deal as "mortgaging the club's television rights for the next 50 years", even though the cash injection could have allowed Messi to stay at the Camp Nou.