A Problem That Keeps Growing

FC Barcelona presented its financial report to the Members’ Assembly with alarming news: the club is carrying €159 million in transfer debt, €140 million of which must be paid this season. The figure nearly triples the €45 million recorded last year and exposes the economic strain weighing on the institution.

Although the members approved both the financial results and the new budget, doubts persist over the club’s sustainability. The declining value of Barça’s commercial brand, BLM, and the delay in revenue from the Spotify Camp Nou—still under renovation and generating no matchday income—add even more pressure.

Transfers That Keep Costing Millions

The heaviest part of the debt stems from the summer of 2022, when Barça made a bold move by signing Robert Lewandowski, Raphinha and Jules Koundé for a combined €150 million. Three years later, the club still hasn’t paid even half of that amount.

According to the annual report, there are €42 million still owed for Raphinha, €25 million for Koundé, and €11 million for Lewandowski — a total of €78 million owed for three key players in Hansi Flick’s squad.

To that list, add Dani Olmo, signed in 2024, with €18 million still outstanding, and Vitor Roque, a particularly striking case. Even after selling the Brazilian striker to Palmeiras for €25 million, Barcelona still owes €17 million to his former club, Atlético Paranaense.

A Steep Financial Road Ahead

The economic challenge facing the Catalan club is monumental. With Camp Nou still closed and the team playing at Montjuïc, matchday and commercial income have fallen far below expectations.

The coming months will be crucial for Barça to meet its obligations and stay within LaLiga’s Financial Fair Play regulations, which continue to monitor the situation closely.

This isn’t the first time Barcelona finds itself in financial trouble — but it may be the most urgent. Spending without generating enough revenue is a formula that can’t last forever. Hansi Flick may be building a strong team, but the real battle isn’t just on the pitch… it’s also in the balance sheets.