Barcelona president Joan Laporta has opened up on the club's "very worrying" financial situation, revealing the La Liga giants are €1.35bn (£1.15bn) in debt.
Laporta blamed his predecessor Josep Bartomeu for a "terrible inheritance" which he says sees club salaries representing 103 per cent of income at the Nou Camp.
He blamed the club's "dramatic" situation on Lionel Messi's departure and insisted Bartomeu and his board of directors must be held accountable.
Laporta continued: "We also found that we had to do some urgent repairs to the Camp Nou because otherwise, it posed a risk to the attending fans. We also found out that the club had already received 50 per cent of the TV rights fees in advance.
"We found the wage policy in the form of an inverted pyramid - veterans on long contracts and youngsters on short deal. There were no wages cuts - lies.
"We have found that disproportionate payments have been made to intermediaries, not even agents.
"Barcelona has a negative net worth of €451m - it is a terrible inheritance. What has been happening is very worrying.
"Bartomeu's (open) letter is an effort to justify management that is unjustifiable. It is an exercise in desperation. They are responsible for everything until March 7. They will not escape their doing."
Laporta thanks Pique for taking pay cut
Barcelona signed Memphis Depay and Eric Garcia on free transfers this summer.
However, despite the departure of Messi, the club were only able to register the pair at late notice ahead of their opening-day victory against Real Sociedad on Sunday after captain Gerard Pique agreed to take a reduction in his salary.