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Sport Barca must cut £171M from squad wage bill TODAY or face bankruptcy

13:55  04 november  2020
13:55  04 november  2020 Source:   dailymail.co.uk

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Barcelona must save £ 171 m 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 says that it's essential that Barca lower short-term expenses and look for new forms of income. The club will look to reach an agreement with the players and the staff to reduce wages . Blaugrana won't be able to raise as much money as last season due to the pandemic.

Antoine Griezmann, Philippe Coutinho are posing for a picture: MailOnline logo © Provided by Daily Mail MailOnline logo

Time is running out for the Barcelona board as they look to avoid financial meltdown with the club on the verge of bankruptcy, according to reports in Spain.

The Spanish giants have until the end of Wednesday to reach an agreement with their stars over wage cuts or face a chaotic Thursday to scramble a solution - as per Mundo Deportivo and Deportes Cuatro.

Barca have a staggering wage bill that is crippling the club - one that they are in urgent need of slashing by around £171million. Lionel Messi is the current highest earner at the club - with the Argentine superstar pocketing around £500,000-a-week. Next is Antoine Griezmann on £294,000-a-week.

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A section of the Barcelona squad have turned down a request from the club to have their wages reduced during the coronavirus pandemic. The portion of the squad who are willing to have their salaries cut have yet to officially give the green light to the club’s plans. Today 's Best Discounts.

BARCA'S BIG EARNERS

Lionel Messi - £500,000-a-week

Antoine Griezmann - £294,000-a-week

Gerard Pique - £220,000-a-week

Philippe Coutinho - £180,000-a-week

Jordi Alba - £170,000-a-week

Sergio Busquets- £170,000-a-week

A deadline to do so has been set for Thursday but the club's board are holding a meeting with the first-team and management on Wednesday to try and come to an agreement.

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 Pedri underscores his status as one of the world's greatest talents with an impressive performance at Juventus Turin. The premier class suits him. © Provided by sport1.de "Exceptional!" Barca's new jewel conquers Europe Many ambitious talent has been impressed by the big football stage. This does not apply to Pedri - on the contrary. The jewel of FC Barcelona played so big in the 2-0 victory in the Champions League at Juventus Turin that he even received praise from an opponent's legend.

Club have crippling wage bill that currently runs at around 84 per cent of budget. Barcelona's chances of landing Philippe Coutinho in January are almost non-existent unless they can reduce a crippling wage bill that currently runs at an estimated 84 per cent of their budget. Today 's headlines.

As Sport reports, Barça want to get their homegrown talent next winter – or by summer at the latest. According to the newspaper report, however, before Barça can complete the first deals for January, a wage deferral must be agreed with the first team players.

Player wages take up around 61 per cent of the club's £940m (€1,047m) income before the coronavirus pandemic took hold. But since income has dropped to £746m, salaries become over 80 per cent of total income if changes are not made.

One solution the board hopes players do accept is that they agree to receive the same salaries but over a longer period of time. This would lessen the club's financial burden in the short-term but could come back to bite them in the long-term.

Of the current Barcelona squad, only four players have so far agreed to this - with those being Marc-Andre ter Stegen, Frenkie De Jong, Clement Lenglet and Gerard Pique.

Barca hope to do this across the whole playing squad though. It would not mean players have their salaries lowered, but rather their payments would be restructured and paid in smaller instalments to help cash flow.

a football player on a field: Lionel Messi has a weekly wage of £500,000 at Barca - the most at the club © Provided by Daily Mail Lionel Messi has a weekly wage of £500,000 at Barca - the most at the club a female football player on a field: Antoine Griezmann is second in this list at £294,000 © Provided by Daily Mail Antoine Griezmann is second in this list at £294,000

However, if this can't be agreed then the final option would see the club allowing players to be ambassadors after retiring and collecting their owed money then. Again, this could pose a financial catastrophe for Barca in the long-term as nobody can predict the true financial implications of the coronavirus pandemic plus any future monetary meltdowns.

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Valverde acknowledged acknowledged the difficulty of facing the English champions. Chelsea and Barcelona were drawn against each other in the Champions League. Barca boss Ernesto Valverde admitted his side face a tough test in the last 16.

Unai Emery confirmed today : “We can’t pay for anyone. Their annual wage bill has also increased by as much as ten per cent in 2018, with Mesut Ozil’s new £ 350,000-a-week contract a major factor in the rise. Barcelona face BANKRUPTCY and must save £ 171 m as they beg stars for pay cut .

If Barcelona's playing staff do not agree to either proposal then the board would be forced into unilaterally reducing their income.

Doing so though would cause an unsavoury backlash and the Association of Spanish Footballers (AFE) has already indicated that if that was to happen then the players would be released from their contracts.

In part of their statement released last month, the AFE wrote: 'The club cannot fail to be aware that this process, if carried out in the terms set forth, will entail a more than secure challenge to the measures that are finally adopted, with a high risk of nullity, and the automatic right to indemnified termination of the employment contract of the affected workers, by virtue of the application of article 41 ET itself.

a football player on a field: Frenkie De Jong is one of four Barcelona players to have agreed to a wage cut © Provided by Daily Mail Frenkie De Jong is one of four Barcelona players to have agreed to a wage cut a man holding a football ball: As is centre back Gerard Pique © Provided by Daily Mail As is centre back Gerard Pique

'We believe that the club must be frank with its members and assume before them that these measures will lead to a very significant loss of FC Barcelona's assets.'

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Our wage bill is an easily serviceable less than 50% of turnover and clauses in contracts force players into a pay cut in none champs league seasons. Teams like Barca should have built some reserves and contrary to some other companies and business streams it is a fact that once things have gone

His wages work out at £ 18.2million a year, which means his income will fall by £ 2.3m. But that is still comfortably more than the second highest earner in Arsenal's squad , with captain Pierre-Emerick Aubameyang Barcelona face BANKRUPTCY and must save £ 171 m as they beg stars for pay cut .

It's been a turbulent few weeks for Barca. Just a fortnight ago saw the resignation of president Josep Bartomeu after months of constant criticism.

Barcelona's interim president Carles Tusquets  wants elections to take place before the end of the year as he tries to put the club's finances in order as quickly as possible.

'The most immediate measure is the salary negotiation that ends on November 5,' Tusquets was quoted in El Periodico.

a man standing in front of a mirror posing for the camera: Josep Maria Bartomeu walked away as president last month after being heavily scrutinised © Provided by Daily Mail Josep Maria Bartomeu walked away as president last month after being heavily scrutinised a screen shot of a man in a suit and tie: Carles Tusquets has warned of a potentially dire financial situation unfolding at the Nou Camp © Provided by Daily Mail Carles Tusquets has warned of a potentially dire financial situation unfolding at the Nou Camp

'We hope to close an agreement with the players and the non-sports staff of the club. I hope that all the staff are up to the task.

'The economic situation of the club is very complex.’

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.

a group of people standing in front of a store: Covid-19 travel restrictions meant fans were unable to visit the Nou Camp and club shops © Provided by Daily Mail Covid-19 travel restrictions meant fans were unable to visit the Nou Camp and club shops Read more

'Real living wage' rises to £.9.50 an hour .
More than 800 employers have accredited with the Living Wage Foundation since the start of the pandemic.This is not to be confused with the compulsory National Living Wage, which is currently £8.72 an hour for anyone over the age of 25.

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