Madrid, Apr 28 (IANS): Spanish football giants FC Barcelona have announced that the club's TV channel, Barca TV, will close on June 30.

The decision brings an end to the club's own TV network, which has been in operation since 1996, and leaves about 150 people who worked in the network, either on a permanent or freelance basis, without jobs, reports Xinhua.

"FC Barcelona informs that it has notified its provider, TBSC Telefonica, the company which manages the club's television network Barca TV, that it will not renew its contract for services, which expires on June 30, 2023," the club explained in a statement.

The decision reflects Barcelona's ongoing delicate economic situation, with the TV channel thought to cost Barca around 10 million euros annually, although it also provided prestige and a worldwide presence, given that it broadcast English language content as well.

The club will now attempt to broadcast content through its social media channels.

Barcelona have initiated financial management under pressure from UEFA Financial Fairplay rules for the last few years, allowing Argentine legend Lionel Messi to move to Paris Saint Germain (PSG) as the hefty savings from the transfer helped bring the expenses down.