“An operating budget of 765 million euros for the 2021/22 season has been approved,” Barca said in a statement after a board meeting.
Barcelona had intially forecast revenues of 791 million euros ($932 million) for the 2020/2021 fiscal year.
However, this had been based on the assumption that fans would return to stadiums last December post-pandemic, which ultimately did not happen.
On Thursday, the board of directors also approved “the close of the fiscal year for the 2020/21 season, with a loss of 481 million euros ($565.4 million)”.
Barcelona president, Joan Laporta, had already announced these losses during a press conference he gave in August to explain the departure to Paris Saint Germain of Argentine star Lionel Messi.
At the time, Laporta also acknowledged the club’s significant debt, which stands at 1.35 billion euros ($1.587 billion).