BARCELONA, Spain -- Barcelona president Sandro Rosell says the club will cut back spending to help reduce its debts of more than $563 million, blaming predecessor Joan Laporta for the club's poor financial state.
Rosell addressed his first members meeting Saturday, where vice president Javier Faus said the club lost $112.2 million last season.
Faus said there was still reason for optimism as revenues of $580 million were "the highest in the club's history."
Rosell said "austerity will be a pillar in our day-to-day management," adding that banks had extended $216 million in credit.
Barcelona is fourth in the Spanish league.
http://espn.go.com/sports/soccer/news/_/id/5690947/huge-debt-forces-barcelona-cut-back-spending