Barcelona lost more than 77million euros last season, the club's vice-president for economic affairs Javier Faus has revealed.
The previous board, led by former Barca president Joan Laporta, had announced the club was 11million euros in the black at the end of their mandate in late June, but a new audit carried out by Deloitte for Sandro Rosell's team has revealed a far less healthy scenario for the Catalan outfit.
The new audit shows that Barca had an income of 408.9million for the 2009/2010 season, but costs amounting to 477.9m.
Further spending of around 8million euros means the overall deficit is calculated at 77.1million.
"The figures presented by the former board don't reflect the real image. They have cheated," Faus said.
"There is a structural problem. The sporting excellence in the last few years has not been reflected in economic excellence. The new board's goal is to bring economic excellence alongside sporting excellence."
Barca recently took out a loan of 155million euros after falling behind with the payment of player wages at the end of June.
Central defender Dymtro Chygrynskiy was also hastily sold to Shakhtar Donetsk to raise much-needed funds for the club.
Nevertheless, Barca have already signed striker David Villa this summer for 40million euros and are willing to spend as much or even more to bring Arsenal midfielder Cesc Fabregas to the Nou Camp in time for next season, although progress on that deal has stalled.
The new audit also puts the club's total net debt at 442million euros (552m gross).