Spanish football club FC Barcelona on Monday revealed its debt as it is now €1.35 billion.

In a press conference the club’s President Joan Laporta said that the economic situation of Barça is at a very worrying level, announcing a loss of €481 million to Spanish La Liga.

He said that club’s salaries represent 103% of FC Barcelona’s total income which is 20-25% more than their competitors.

He added that they have found themselves in a difficult situation to renegotiate the players’ contracts.