Finance

Barcelona: Nine days to avoid bankruptcy

The Catalan giants have failed to negotiate a salary reduction with the playing staff and a deadline has been put in place

 
9:15am on Sunday 15th November 2020
By
Paul Macdonald

Barcelona have failed to reach an agreement with the playing squad over a significant salary reduction, with a deadline of November 23 in place to secure a deal.

Barca's financial issues are now well documented, with club close to €700m in debt and being forced to offload a number of high earners this summer, including Luis Suarez, Ivan Rakitic and Arturo Vidal.

But their salaries haven't been enough to reduce a gigantic wage bill and further measures are necessary to return Barcelona to an even footing, with bankruptcy a very real threat to the organisation.

The club's transfer policy in recent seasons has saw vast amounts of expenditure and, largely, wastage, with over €400m spent on Antoine Griezmann, Ousmane Dembele and Philippe Coutinho alone.

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But things are so desperate that it has led to the downfall of much-maligned president Josep Maria Bartomeu, with elections set to take place to find his successor.

A salary reduction of €191m has to be made to secure the club's financial future but as of Wednesday, the talks had been unsuccessful, with a club statement saying:

"Today, November 11, after several days of intense meetings, and the negotiation was exhausted, the parties have ended the consultation period without reaching an agreement."

Both parties will reconvene in order to reach a conclusion before the deadline or else the club could face severe ramifications.

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