Financial Structure
FC Barcelona’s financial structure is unique among top football clubs, as it operates under a fan-ownership model rather than being bankrolled by a single wealthy individual or investment consortium. The club is entirely owned by its approximately 150,000 members, known as socios, who each pay an annual membership fee that grants them voting rights on key club decisions, including the election of the club’s president and board of directors. This democratic structure differentiates Barcelona from most elite clubs, which are typically owned by billionaire individuals or sovereign investment funds, and reflects Spain’s transition to democracy in 1975 and the end of Franco’s dictatorship.
Socios
Barcelona’s governance is deeply tied to Catalonian identity and Spanish history. The socios play a crucial role in determining the club’s leadership, and since 1978, they have elected the club’s president every six years. The president and board members must provide a bank guarantee equivalent to 15% of the club’s annual turnover, ensuring that only financially capable individuals can assume leadership positions. This requirement is meant to safeguard the club from financial mismanagement, though it has not always been effective in practice. Unlike privately owned clubs, Barcelona does not distribute profits to shareholders; instead, all revenue is reinvested in club operations, infrastructure, and player acquisitions. While this structure has historically allowed the club to maintain its identity and independence, it has also created financial vulnerabilities, particularly in times of economic crisis
Beginning of Financial Struggles
Barcelona’s financial troubles can largely be traced back to the presidency of Josep Maria Bartomeu (2014–2020). Under his leadership, the club spent excessively on player salaries and transfer fees, leading to an unsustainable financial model. High-profile but underperforming signings such as Philippe Coutinho, Ousmane Dembélé, and Antoine Griezmann cost the club hundreds of millions of euros, while player wages soared to unprecedented levels. At its peak, Lionel Messi was earning over €100 million per year before taxes. The financial crisis escalated when the COVID-19 pandemic forced the closure of Camp Nou for an entire season, eliminating crucial matchday revenue. By the time Bartomeu resigned in October 2020, the club’s debt had ballooned to €1.35 billion, with wages consuming nearly 70% of total revenue – far exceeding sustainable limits. In comparison, rival clubs like Real Madrid maintained more conservative wage structures, with their wage-to-revenue ratio remaining around 53%.
Socios
In response to the crisis, newly elected president Joan Laporta implemented drastic measures to stabilize the club’s finances. One of the most difficult decisions was allowing Lionel Messi to leave in the summer of 2021, as the club could not afford to renew his contract while complying with LaLiga’s financial regulations. To generate immediate revenue, Laporta introduced the controversial strategy of pulling ‘financial levers,’ which involved selling portions of the club’s future revenue streams. This included selling a percentage of Barcelona’s future TV rights and parts of its business operations, raising over €800 million. These measures helped refinance many of the club’s debts and allowed for limited investment in new players. Despite these efforts, financial constraints continue to impact the club’s operations. LaLiga imposes strict spending limits on clubs based on their revenue, and since 2021, Barcelona has been restricted to using only 25% of the funds it generates from player sales or wage reductions to register new signings. This limitation has forced the club to offload high-earning players like Gerard Piqué, Sergio Busquets, and Antoine Griezmann while prioritizing the promotion of young talents such as Lamine Yamal.
