Barcelona secures $197 million bank loan
MADRID (Reuters) -- Barcelona has secured a $197 million loan from a group of banks led by La Caixa and Banco Santander, the Spanish champion said on its website (www.fcbarcelona.com) on Wednesday.
Just over a week ago, new club president Sandro Rosell revealed it had been forced into the move for cash flow reasons, as it was struggling to pay important commitments such as the salaries of players, coaching staff and employees.
Vice-president of finance Javier Faus will give details of the arrangement at a news conference on Thursday.
Joan Laporta stepped down as president at the end of June making way for Rosell, who was the overwhelming choice for club members in last month's presidential election.