Accroding to the new president, the Catalan club's wage bill currently stands at 103% of total income.
Laporta has blamed his predecessor, Josep Maria Bartomeu for the cause of the debt as he charged him of leaving a "terrible inheritance".
Barcelona could have seen their wage bill raised to 110% of revenue, if they had extended Lionel Messi's contract which La Liga refused to accept.
"Our salaries represent 103% of the club's total income, that's 20-25% more than our competitors.
"The first thing we had to do when we arrived was to ask for a loan of 80m euros because, otherwise, we could not pay the salaries. The previous regime was full of lies.
"Barcelona has a negative net worth of 451m euros - it is a terrible inheritance. What has been happening is very worrying."
Responding to the allegations made against him, Bartomeau in an open letter on Saturday claims he would have been able to put measures in place to keep Messi at the club if was still incharge.
"As is known, our board of directors planned to call elections on 21 March, within the statutory period at the end of our mandate, which would have allowed us to take on and carry out the settlement of the 2020-21 season accounts," Bartomeu said.
"We would then have taken the decisions necessary to avoid arriving at the current financial situation.
"We would have been the only ones responsible for the closure [due to the pandemic] and its consequences, a decision that the new board has not taken throughout these past months, making clear their inaction."
