Seriously affecting registration: Barcelona has begun to taste the bitter fruit of leverage, with 40 million euros a year less

July 22nd TheAthletic mentioned when talking about the registration of Rashford that Barcelona has begun to taste the bitter fruit of "leverage", which seriously affects player registration.

TA said that Barcelona has begun to bear the bitter fruit of leverage operations in the past few years. Most notably, 25% of La Liga broadcast revenue (about 40 million euros per season) will continue to be paid to the US fund SixthStreet until 2047.

The chain problems caused by the "Barcelona Studio/Barcelona Media/Barcelona Audiovisual" project are still fermenting: former auditor Grant Thornton determined that the project caused the club's financial report to suffer a loss of 141 million euros last year, and La Liga subsequently lowered Barcelona's salary budget cap for the 2024-25 season.

Whether the current audit agency Crowe will request further impairment of the Barcelona audio-visual project, which will have an impact on the salary budget next season is still unknown.

Barcelona still retains the option to sell future earnings for new stadium VIP seats through the "personal seat license" model. Similar to other leverages, the program can raise funds to register new players in real time, but it will seriously overdraw the club's revenue potential for the next decades. The club is also actively expanding its business revenue. Reuters reported that Barcelona has reached a training service sponsorship agreement with the government of the Democratic Republic of the Congo, and can earn 10 million to 11.5 million euros per year in the next four seasons.

TA said there were suggestions that Ter Stegen could solve a long-term back injury through surgery, which would allow Barcelona to use 80% of its cap space to register another player in the first half of the 25-26 season. There was a precedent last August: after Christensen was injured in the La Liga opener, Barcelona used this clause to register Olmo until December.

But the negative effect of this rule is also in overdrawing the future. For example, Christensen's majority of his salary last season was included in the 25-26 season budget, meaning that the space available for registration of new players is now further reduced.

TA said that past experience shows that such incidents often delay until the last moment to see the truth. When the new La Liga season starts, Barcelona will play away against Mallorca on August 16 local time. Some players may not have completed their registration. The club will race against time before the transfer window is closed on September 1 to seek solutions.