Barcelona's debt surpasses $563M

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.

Copyright 2010 by The Associated Press