Barcelona debt is 'absurd and incomprehensible' as Bayern Munich chief says it's 'a miracle' they're allowed to play in La Liga

Barcelona's financial struggles are well-documented. During the final years under the presidency of Josep Maria Bartomeu, the Catalans spent recklessly and turned a blind eye to financial management. It has resulted in major repercussions for Barca in the recent past, with the club having to sell some of its assets in a desperate attempt to stabilise their sinking ship. 

Barcelona are currently trapped under the staggering €1.45bn debt rubble. This all traces back to the €222m windfall from Neymar's transfer to Paris Saint-Germain in the summer of 2017, followed by a devastating drop in revenue due to Covid-19, and the skyrocketing costs associated with the €1.5bn Espai Barca redevelopment project. Instead of stabilising after Neymar's exit, the club opted to go on a lavish spending spree, racking up €960.3m in transfer fees over three years, with a net spend of €399m. Football costs soared as well, with wages and amortisation costs jumping from €367.4m to €593.9m, which consumed a whopping 81% of the club's revenue in the 2017-18 season, according to figures from The Athletic.

Lionel Messi's contract in 2017, which was valued at up to a mind-boggling €555.2m over a four-year period and ultimately cost around €515m, added even more strain to the finances. Matchday income plummeted from €174.9m to just €23.7m during the pandemic, leading to €389m in deferred salaries. By the end of the 2020-21 season, the Blaugrana reported a record loss of €555.4m, prompting president Joan Laporta to take drastic measures. He activated a series of 'financial levers,' such as selling 25 per cent of La Liga TV rights for €667.5m and offloading 49 per cent of Barca Studios – the club's main entity responsible for creating, producing, and marketing all of the club's audiovisual content – for €200m, although that deal has since lost value, with only €20m realised.

To cover short-term losses, the club also recognised €71.6m from a €100m sale of VIP seats at the Camp Nou, all while the budget for Espai Barca inflated from an initial €600m to €1.5b, with actual spending already hitting €975m and revenue taking a hit due to the temporary move to the Estadi Olimpic Lluis Companys. Heavy borrowing ensued, including €595m from Goldman Sachs with €30m in annual repayments, a €265.7m bullet payment due in 2031-32, and €907.7m linked to the stadium project, making Barcelona the most indebted club in football. 

Speaking on the OMR Podcast this week, Bayern honorary president Hoeness didn't mince his words while addressing Barcelona's spiralling debt crisis. Hoeness insisted that Barcelona’s approach is incompatible with sustainable club management and admitted he is astonished they’ve managed to stay in the top flight given their financial turmoil.

“Barcelona isn't the model I envision. In any other country, they wouldn't even be in the first division," he said. "When you have 1.3 billion euros in debt, how are you supposed to function? I find it absurd and incomprehensible that they're still playing in the top division. It's a club model I would never respect. In any normal country, a club run like that wouldn't even be in the first division. Honestly, it's a miracle they're still allowed to play in the first division.

"It contrasts completely with the control we have at Bayern and our sound finances, which should be an example for all clubs in Europe. We can boast of solid management, with sound economic judgment, and a level of sporting quality that doesn't depend on financial manoeuvres.

“The strict German licensing regulations and the pressure of audits would immediately paralyse a club with a debt of 1.3 billion euros."

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Barcelona's financial report of the 2024-25 season revealed some major details about the clubs still owed money by the reigning La Liga champions. Per the report, Barca still owe an outstanding amount of €159.1m (£140m/$184m) to several clubs. Premier League side Leeds United top the list, who are yet to receive the remaining €41.9m (£36m/$48m) for the transfer of Raphinha, signed in 2022. 

Bayern Munich are owed a further €20m (£17m/$23m) for Robert Lewandowski, while Barca will need to pay €24.5m (£21m/$28m) for the services of Jules Kounde. All three aforementioned names arrived in Catalonia over three summers ago. 

The debts extend further: Manchester City are due €13.3m (£11.5m/$15m) for Ferran Torres, and Real Betis are owed €8m from the sale of Emerson Royal. Smaller outstanding payments also remain with clubs such as Girona, Valencia, Sporting CP and Rennes.

While the Catalans remain deeply mired in financial troubles, things are starting to look very bright as far as on-field matters are concerned. Despite losses to PSG, Sevilla, and Real Madrid in recent weeks, not to forget the shock 3-3 draw against Club Brugge in the Champions League, Hansi Flick and his team look like a rejuvenated outfit. Despite missing regulars such as Pedri and Gavi amid an injury crisis, the defending league champions have done a commendable job of cutting down Real Madrid's five-point lead down to just one. They will next face Chelsea at the Stamford Bridge on Tuesday.