Barcelona lost €97 million ($114.3 million) last season due to the coronavirus pandemic, according to the financial results presented by the Catalan club on Monday.
"The effects of Covid-19 mean that we have €200 million less in income, net losses which amount to €97 million and that we do not have the €11 million in profits that we forecast," said Jordi Moix, one of the club's vice-presidents.
Barcelona had budgeted €1.047 billion in revenue for the 2019/2020 season, but the pandemic meant that they only earned €855 million, €203 million down on expectations.
Faced with the drop in revenue, the club tried to reduce its expenses, managing to save €74 million.
That figure includes €42 million thanks to the 70 percent salary cut agreed with the players, €30 million on management fees and two million linked to lower salaries for non-sporting personnel.
Last month Forbes magazine revealed that Lionel Messi was the best paid footballer in the world in 2020 with an income of $126 million from his club salary ($92 million for the 2020/2021 season) and $34 million from sponsors and other sources.