Lionel Messi’s boyhood club Newell’s Old Boys is BANKRUPT and in need of investment.
The Rosario outfit struggled during the first half of the Argentine Primera Division and now face potential relegation.
Results off the pitch have been even more dire, with the club facing massive financial issues.
Newell’s Old Boys president Ignacio Boero has revealed that the club is in desperate need of investment.
The club has “significant debt” and needs more money in order to repay what is owed.
Newell’s Old Boys currently owes up to £25m, which has hugely increased in recent years.
Speaking on Radio 2 in Rosario, he said: “It’s bankrupt. It has a very significant debt. Many directors provided personal guarantees.
“Investment is needed to get it back on its feet. There are people from Newell’s who have collaborated and are helping.
“Investment is needed so that Newell’s can later repay the money. We never achieved sporting results.
“What happened in these years that tripled the debt and we couldn’t even qualify for the league playoffs?
“We owe between 30 and 35 million (USD). It tripled during the last administration.”
Boero has been busy trying to renegotiate contracts with players and the coaching staff.
He admitted that many were on expensive deals despite having a limited impact on the pitch.
Boero has also claimed that the situation was much worse than many people realised.
He added: “A large number of players were brought in. Some didn’t even wear the jersey.
“It caused us enormous damage. It will take us years to resolve. We are paying and will continue to pay.
“We are renegotiating contracts for players and coaches with multi-million dollar deals.
“We lifted injunctions. People don’t grasp the magnitude of the disaster Newell’s was in.”
Messi, 38, has recently taken the step into club investment and bought the Catalonian side UE Cornella.
The lower league Spanish club is now fully owned by the eight-time Ballon d’Or winner.
Despite never playing for Newell’s Old Boys first-team, Messi is still highly thought of at the club.
He even had a named stand named after him at the Estadio Marcelo Bielsa – named after the former Leeds United manager.
