Barcelona's financial struggles are well-documented. During the final years under the presidency of Josep Maria Bartomeu, the Catalans spent recklessly and turned a blind eye to financial management. It has resulted in major repercussions for Barca in the recent past, with the club having to sell some of its assets in a desperate attempt to stabilise their sinking ship.
Barcelona are currently trapped under the staggering €1.45bn debt rubble. This all traces back to the €222m windfall from Neymar's transfer to Paris Saint-Germain in the summer of 2017, followed by a devastating drop in revenue due to Covid-19, and the skyrocketing costs associated with the €1.5bn Espai Barca redevelopment project. Instead of stabilising after Neymar's exit, the club opted to go on a lavish spending spree, racking up €960.3m in transfer fees over three years, with a net spend of €399m. Football costs soared as well, with wages and amortisation costs jumping from €367.4m to €593.9m, which consumed a whopping 81% of the club's revenue in the 2017-18 season, according to figures from The Athletic.
Lionel Messi's contract in 2017, which was valued at up to a mind-boggling €555.2m over a four-year period and ultimately cost around €515m, added even more strain to the finances. Matchday income plummeted from €174.9m to just €23.7m during the pandemic, leading to €389m in deferred salaries. By the end of the 2020-21 season, the Blaugrana reported a record loss of €555.4m, prompting president Joan Laporta to take drastic measures. He activated a series of 'financial levers,' such as selling 25 per cent of La Liga TV rights for €667.5m and offloading 49 per cent of Barca Studios – the club's main entity responsible for creating, producing, and marketing all of the club's audiovisual content – for €200m, although that deal has since lost value, with only €20m realised.
To cover short-term losses, the club also recognised €71.6m from a €100m sale of VIP seats at the Camp Nou, all while the budget for Espai Barca inflated from an initial €600m to €1.5b, with actual spending already hitting €975m and revenue taking a hit due to the temporary move to the Estadi Olimpic Lluis Companys. Heavy borrowing ensued, including €595m from Goldman Sachs with €30m in annual repayments, a €265.7m bullet payment due in 2031-32, and €907.7m linked to the stadium project, making Barcelona the most indebted club in football.