Barcelona are a club in tatters, not only on the pitch but off it as well. Once one of the biggest clubs in world football, the Catalan giants are facing filing for bankruptcy, if they aren’t able to sort out their finances soon. The coronavirus pandemic has hit the La Liga giants harder than anyone else, as mainly due to incompetent management, the Blaugranas are in a debt of around £443 million with the revenue down by £122.5 million. Josep Maria Bartomeu Resigns as FC Barcelona President! Entire Board Steps Down.

According to a recent report from AS, Barcelona need to cut their wage bill down by £171 million before November 5, 2020 or bankruptcy in January is very much possible. The Catalan club are currently negotiating with their players to take a cut in their salaries and it is understood that the first team squad earns around £235 million a year in wages.

Barcelona players had already agreed for a pay cut in March which was reported to be around 70 per cent amid the onset of the coronavirus pandemic. It is understood that the club now, must reach an agreement with the players to reduce their wages by around 30 per cent or risk going bankrupt by the start of next year.

The club is working on new contract with the players which will see them take a cut in their salaries. Barcelona recently announced contract extensions for Gerard Pique, Frenkie de Jong, Clement Lenglet and Marc-Andre ter Stegen. The veteran defender reportedly accepted a 50 per cent pay cut, with the other three losing 30 per cent of their wages.

Barcelona recently parted ways with Josep Maria Bartomeu, as the entrepreneur resigned from his position after being elected as president in 2015. Carles Tusquests, who is in charge until the elections explained the situation. ‘Our main concern is the cub's finances. The pandemic has affected Barcelona particularly hard. The club depends on tourism and now, all of that income has been lost’ he said.

(The above story first appeared on LatestLY on Nov 01, 2020 09:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).