Barcelona have run out of financial 'levers' to pull and are still a mess - so is disaster inevitable?

Laporta's idea of pulling financial 'levers' to raise funds is a pretty unique one in top-level football, but it's a relatively simple idea: Sell bits of the club now — for less than they should really be worth — to attain an immediate cash injection.

And for an organisation in Barcelona that was, in the words of former chief executive Ferran Reverter, "technically bankrupt", it made sense. The Blaugrana are not allowed time for a rebuild, bringing through academy talents through while taking solace from a Copa del Rey or Supercopa win. Instead, they have to compete for every trophy in every season.

Laporta was trying to sell his way out of financial ruin. First up was U.S. private equity firm Sixth Street, who offered €267m (£229m/$277m) for 10 percent of Barca's domestic TV revenue for 25 years — an immediate lift that temporarily halted economic nightmares. When it became clear that they needed new signings, Laporta called upon Sixth Street again, selling another 15% for €315 million (£268m/$320m.) Add in a few other deals, and the Blaugrana raised just shy of €700m in one summer, enough to piece together a side capable of competing for La Liga.

But there was a caveat: new signings need to be paid. All of the work that Barca had done in cutting wages — not least by offloading Messi — was rendered moot. So, Laporta turned elsewhere for another two 'levers'.

Two companies, Orpheus Media and Socios.com, bought 24.5% stakes each in Barca Studios, the club's in-house media outlet. Those deals freed up £180m due to the valuation of the company, and the new arrivals could be paid. Club saved, it seemed...

There's some complexity here, but in short, pulling those 'levers' got Barca over the line in last season's title race. Lewandowski was, of course, the marquee signing, and at the time, it seemed a stroke of genius. Here was a world-class striker, who had achieved everything at Bayern and wanted one last chance at a big contract. There were certainly some questions to be asked about the tactical fit, the Pole's age and his declining athleticism, but Barca needed goals, and Lewandowski would almost certainly provide plenty of them.

The other transfer business didn't quite convince in the same way. Still, Barca spent big to bring in highly-rated centre-back Jules Kounde and impactful winger Raphinha. Add Franck Kessie and Andreas Christensen, who both arrived as well-paid free agents, and Barca had the makings of a squad to compete.

The other key piece of the puzzle was the collapse of Frenkie de Jong's proposed move to Manchester United. The Netherlands midfielder had all-but sealed his transfer to Old Trafford in July 2022, with terms agreed and De Jong seemingly prepared to move.

An unexpected U-turn, though, meant that the midfielder stayed — and became a key part of Xavi's title-winning side. His departure would have, presumably, helped fund another signing, but its disintegration meant that Barca held onto a player who would become key to them supplanting Real Madrid.

This wasn't all just an economic proposition, of course. Laporta may have offered the funding for the squad, but it still required top-level coaching to piece it all together.

Xavi was something of an unknown quantity in that realm, especially after his first nine months at the helm had brought little success, though he could be forgiven for struggling given the squad and financial mess he inherited. Messi's locker being taken by Luuk de Jong provided a measure of just how far Barca had fallen.

Still, with new arrivals injecting quality into his team, Xavi went about providing a winning formula in 2022-23. His team weren't breath-taking to watch like Pep Guardiola's tiki-taka side, and at times, they were fairly unwatchable.

But they grinded their way to the Liga title on the strength of the best defence in Europe and timely contributions from Lewandowski at the other end. Xavi's tactical innovations - most notably the implementation of a box midfield - gave Barca balance, while a defensive restructure meant that they were hard to play through, even before opposition forwards tried to beat La Liga MVP Marc-Andre ter Stegen in goal.

Sceptics claimed, however, that Barca's moves - both on and off the field - were unsustainable. Certainly on-field, a look at Barca's results towards the end of the 2022-23 season as they limped over the finishing line suggested as much, as did the loss of veterans Sergio Busquets and Jordi Alba.

Off the pitch, even amateur economists suggested that the Blaugrana had made risky decisions in the summer of 2022. La Liga rules severely limit clubs' spending power, and punish even the most powerful of sides for financial mismanagement. Laporta's 'levers' were a novel thing, but didn't sit too well with the watchful eyes of La Liga president Javier Tebas, who in turn cracked down on the club's ability to pull off similar moves in 2023.

Tebas also refused to accept theoretical payments from Barcelona's investors. In effect, Barca should have seen their wage bill stay the same; instead, La Liga decreased their spending power from €649m to €270m — €450m less than Real Madrid's, and slightly below Atletico Madrid's, too.

And perhaps that was Laporta's biggest miscalculation. The Barca president had a publicly fractious relationship with Tebas, and any assumed goodwill based on what Barca bring to the table from a marketing stand point has disappeared.

Never was that more clear than with the Blaugrana's failed attempt to re-sign Messi. Laporta spent months piecing together a financial package and strategy to impress Tebas and convince him that Barca could afford to sign Messi when his Paris Saint-Germain contract ran out. The details of the deal have not been made public, but the so-called "viability plan" was never signed off on, and in the end, the club couldn't guarantee to Messi that he would be registered. The Argentine swiftly signed for Inter Miami instead.

In terms of how Barca have handled their finances of late, they have largely come across as a club in control, at least to those who may only hold a passing interest. Both Gavi and Ronald Araujo have been signed to long-term contracts, and successfully registered. Brazilian wonderkid Vitor Roque, meanwhile has arrived from Athletico Paranaense, and will slowly be integrated into the team as the presumptive heir to 35-year-old Lewandowski. There are no imminent departures to worry about, either.

But bigger issues loom. The investors in Barca Studios haven't met their payment promises, with Orpheus Media notably short nearly €40 million (£35m/42m) of what they owe to the club. Tebas, meanwhile, has shut down the potential of any more financial irregularities or shortcuts. There are no immediate signs that their spending cap will be lifted ahead of next season, either.

Once again, then, Barca may have to look inwardly at an expensive squad and how they can use it to raise funds. Club-captain Sergi Roberto, who recently had his salary increased, could be in line to leave this summer. Raphinha, expensive at €240,000 (£210,000/$260,000)-per-week and admittedly expendable given the emergence of Lamine Yamal, could also be on the chopping block.

There remains a question mark over Araujo's future too, with numerous outlets reporting that Barca are resigned to the possibility that a nine-figure bid from Bayern Munich will lure their best defender to Bavaria in the summer. That will certainly clear some cash — but Barca will end up a worse team as a result.

Results on the pitch, meanwhile, have been poor. Barca were battered by Madrid in the Spanish Supercopa final last weekend, while in La Liga they are eight points behind surprise leaders Girona. On current form, a deep Champions League run looks unlikely, too, with Xavi coming under increasing pressure. Put succinctly, there isn't much optimism to be found.

Should results get so bad that Xavi is sacked, then an expensive payout would be required, as well as an even pricier deal for a new manager to come in — especially if the Blaugrana have their eye on someone from Europe's elite.

There also remains the frightening reality that this squad is ageing in key areas. Lewandowski is enduring his worst season in years, and with no immediate signs of improvement, he could soon become an expensive veteran, under contract until 2026. Barca might just be inclined to accept Saudi Pro League money in the summer, should it arrive for the Poland forward.

Ter Stegen, too, is the wrong side of 30, and recovering from a back operation. Loan signings Joao Cancelo and Joao Felix, meanwhile, have offered varying degrees of value, but their additions on a permanent basis would be both expensive and misguided.

Barca, then, broke the system in 2022. They saved themselves from financial ruin by finding loopholes, and created room to build a squad capable of winning La Liga. Their manager, an uninspiring figure for his first nine months on the job, looked like an elite boss for the next 12. They locked down homegrown players, made some shrewd additions, and won the league for the first time in four years.

But if football is about sustainability and success over time, then Barca have fallen short. There was always a sense that the Blaugrana had sacrificed long-term prosperity for immediate medal-winning pursuits. Still, things weren't supposed to catch up with them so quickly.

And now, with results on the downturn, a squad deteriorating in key areas, and a president who has seen his capacity to spend his way out of it limited, it seems Barca may have sacrificed too much, too soon. They may have avoided bankruptcy and grabbed their trophy, but financial ruin could be closer than ever.