FC Barcelona presents biggest budget for sports club in history

Barcelona, Oct 11 (IANS) Catalan football giants FC Barcelona on Wednesday presented an estimated budget of 897 million euros ($1.63 billion) for the next fiscal year, the biggest for a sports club in history.

The Spanish club is set to present the budget forecast during its next general assembly, scheduled for October 21, reports Efe.

"The club has presented a budget forecast of 897 million euros in revenues and for the first time has closed a fiscal year having surpassed 700 million euros," Barcelona said on its website.

"It is a historic achievement for Barcelona and is in line with the club's Strategic Plan to reach one billion euros in revenues by 2021," the club added.

Barcelona forecast a net surplus of 21 million euros ($24.87 million), which it said made it the seventh consecutive year turning a profit.

"In fact, since 2010, the sum of the club's annual profits totals 175 million euros," the club added.

Marketing income contributed with the biggest share of the 897 million euros in revenue, led by the sponsorship contracts with Rakuten, Nike and the summer pre-season tour (300 million euros), players' transfers ( a net 198 million euros thanks to Neymar's departure) and stadium and broadcasting rights.

Regarding the 2016-17 budget, the treasurer of the board of directors, Enric Tombas, said that the club achieved record revenues of 708 million euros ($839 million).

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)