Barcelona ‘risk BANKRUPTCY by January unless they cut the club’s enormous wage bill by £170m’ as club holds positive initial talks with players’ lawyers ahead of pivotal deadline next week
- Huge financial troubles are now closing in on Spanish giants Barcelona
- The club has a crippling wage bill which must be reduced to balance the books
- Reports in Spain now claim Barca are now forced to reduce salaries by £170m
The Spanish giants have an eye-watering wage bill which is crippling the club and is said to be in urgent need of cutting by around £170million.
Today talks have begun with the legal representatives of the first team players regarding the ongoing situation and their current salaries, as report Spain-based EsportsRAC.
Financial crisis is mounting at Barcelona with the club reportedly on the brink of bankruptcy
A deadline has been reportedly set for next week, Thursday November 5, in order for the club to reach a resolution and work out exactly how finances will be put in order going forward.
Barca have to agree wage cuts by the November 5 date in order to announce the budget for this season.
Current income is projected at £746m (€828m) – a drop of £231m – meaning players are now being called upon to make long-term sacrifices
The news comes in the aftermath of the exit of president Josep Bartomeu, who quit the club last week and walked away after months of constant criticism.
Earlier in the year Barca senior players took a string of pay-cuts in line with the club’s battling against the crushing effects of the coronavirus pandemic.
In early October it was announced that the Spanish giants would be undertaking yet another rounds of cuts, after revealing an £88million loss in profits.
Players took a 70 per cent pay-cut back in March to ensure non-playing staff received all of their wages with the pandemic shutting down the sport.