Barcelona face filing for bankruptcy and must save £171m before November 5

Barcelona face filing for bankruptcy and must save £171m before November 5

- Barcelona board is trying to convince first-team players to receive fresh pay cuts

- Players accepted as much as 70 per cent cut on their wages earlier in the year

- The Catalan club is currently hit with a financial crisis and may file for bankruptcy

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Barcelona have been hit with a major financial crisis as club management once again plead with first-team players to accept a further slash in their wages.

The Catalan club must immediately save the sum of £171million before Thursday, November 5 as they are at risk of going bankrupt.

Recall that in the wake of the coronavirus crisis, players wages were cut with some reaching as much as 70 per cent and now the club wants a further slice.

Barcelona’s finances continue to spiral out of control as they announced a debt of £88million in early October.

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Their financial loses have now reached £443million with revenue down by £122.5million - leaving the Spanish side lightyears from their pre-pandemic boasts of topping one billion euros in annual income.

Barcelona: Catalan club face filing for bankruptcy and must save £171m before November 5
Barcelona must save £171m before November 5 to avoid going bankrupt. Photo: Xavier Bonilla
Source: Getty Images

Former club president Josep Maria Bartomeu and his entire board of directors recently resigned their positions and Carles Tusquets is in charge until next year's elections.

Tusquets stated, as quoted by SunSport citing Spanish outlet RAC1:

“Our main concern is the club's finances. The pandemic has affected Barcelona particularly hard.
"The club depends on tourism and now, all of that income has been lost. The situation is not very comfortable, we have to take on the ideas of the previous board to find a way of addressing the problems we are facing."

Bartomeu offered his resignation at Barcelona on Tuesday, October 27 before a vote of no confidence expected to boot him out.

His reputation got damaged following his poor handling of club legend, Lionel Messi who earlier tendered his transfer request at the club.

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He refused to budge on his stance, almost causing the six-time Ballon d'Or winner to quit his boyhood club after 20 years.

Meanwhile, Legit.ng earlier reported that former Barcelona manager Quique Setien finally opens up on his relationship with Lionel Messi during his short spell at the club.

Setien insisted that Messi is highly difficult to manage, adding that he had no reason to change him.

The 62-year-old spent just eight months in charge of the Catalans despite originally signing a two-year deal earlier this year.

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