Barcelona facing an underwhelming transfer window after Nico Williams blow as Saudi sales fail to materialise

Barca's finances are, admittedly, in a better state than they once were. It was hard to keep track of all of the moves Laporta was making two years ago. In effect, he sold future chunks of revenue off for short-term injections of cash, effectively keeping the club alive by making risky deals. In doing so, he put faith in the Barca brand, hedging his bets that organic growth and on-field success would be enough to make up the difference down the line. Put another way: Barca were too big to fail.

And in some senses, they have avoided crisis. They posted a net profit over the last financial year, and were able to make a signing in January in Vitor Roque - albeit a misguided one. But they are still far below the threshold required to be able to spend freely under La Liga's strict financial regulations. Laporta and league president Javier Tebas are still exchanging jabs through the media. Meanwhile, no one seems to know if Barca can actually afford all of the big-money moves they have reportedly been flirting with.

It has been over a year since Sergio Busquets left for Inter Miami, and Barca still haven't found a way to replace him. Admittedly, there was no point holding onto an aging No.6 whose legs had gone. It was, in fact, credit to Xavi that he was able to get one last year of quality out of the La Masia academy graduate. Throw in that Busquets is effectively the modern archetype of the position, and it was always going to be a difficult task.

But their efforts have been feeble at best. They struck out on Martin Zubimendi last season and settled for Oriol Romeu - who looked every bit a Southampton reject in a woeful campaign in Catalonia. Xavi ended up using centre-back Andreas Christensen as a defensive midfielder - more of an emergency stopgap than a long-term solution. Looking at the team on paper, it is still the biggest problem area to address.

Yet the Blaugrana have refused to do so. Zubimendi reaffirmed his commitment to Real Sociedad this summer, while there has been no substantive talk of other options being pursued. Barca, in short, still haven't solved their most pressing problem.

Barca have talent in a number of key areas, but they don't have a pure left-winger. New manager Hansi Flick will surely have some sort of solution there - more on that later - but no one in this imbalanced squad is at their best on the left.

Enter Nico Williams. The Athletic Club winger was quietly among the best players in La Liga last season, and absolutely exploded at Euro 2024. Blisteringly quick, skilful on the ball, and ever-improving as a finisher, the winger - who has a good relationship with Lamine Yamal - seemed the perfect addition to a squad that needed help on the left.

Transfer chatter started during the Euros, and has never really stopped. Barca's players have been publicly flirting with the player on social media, and didn't even attempt to hide that they wanted him strutting his stuff in Camp Nou. But it seems that their efforts have been in vain, with Williams, like Zubimendi, pledging his future to his current club.

A victim of all of this is Raphinha. The former Leeds man has never been allowed the chance to settle at Camp Nou. First blocked from the XI, then used on the wrong side of the pitch, and later subject of constant links to other clubs - the Brazilian is yet to convince in Catalonia.

It's unfair on the Brazilian, who can offer an immense amount of quality from wide areas, and can certainly be an impact player for a big club under the right circumstances. Still, it seems that, once again, Barca could be forced into entering negotiations to get rid of him. This is a squad full of young talent, but with few genuinely sellable assets that can be moved for a decent price. Raphinha is among them. A bid for his services could comfortably eclipse €40 million (£34m/$43m) - exactly the kind of money-making exercise the cash-strapped Blaugrana need to engage in.

None of this seems just, especially for a real talent who proved himself good enough to start for Brazil at Copa America, but Raphinha might be on the way out.

There will be a lot of talk in the coming years, as this era is reflected on, as to how to sum it all up. The lasting symbol - or saga - will perhaps be the hectic period towards the end of last season, where Xavi first resigned, then reaffirmed his commitment, and was then sacked by the club.

But from a squad perspective, Roque might be the perfect embodiment of this tumultuous era. Barca were linked with the exciting Brazilian talent for months, and despite having no apparent money to spend, flirted with the idea of bringing in 'Tigrinho'. And eventually, they did, fighting off interest from Arsenal and arch rivals Real Madrid for his signature. In theory, it seemed a good move. Robert Lewandowski was aging, and Roque had the kind of talent to carry the Blaugrana front line for years.

But the months after his signature were immensely revealing. Xavi barely used the teenager, instead running Lewandowski into the ground. And when Roque was brought on, he was deployed out of position, or afforded too little time to make things happen. It became clear that the club legend didn't want Roque; his signature was forced through by sporting director Deco. And now, Roque could be on his way out, with the club reportedly fielding offers for his services from Saudi Arabian teams, and other European clubs.

Still, despite everything working against them from a financial perspective, Barca have seemingly managed to strike a deal. The Blaugrana are reportedly close to bringing in long-term target Dani Olmo from RB Leipzig. The Euro 2024 hero has been rumoured to be looking for a way out for some time now, and it would make sense for him to return to his La Masia roots.

What doesn't add up, though, is the immense price tag that it would require to lure him away from the Bundesliga side. RB Leipzig reportedly want a package totalling €60 million (£51m/$65m) for his services - something Barca don't seem to be able to afford.

And more broadly, even if they could, Olmo doesn't appear to be the right man to bring in. An attacking midfielder or false nine, he would be an addition in the one area where Barca are already embarrassingly deep. Ilkay Gundogan, Pedri, Gavi and Fermin Lopez can all fill that role admirably. And although Olmo could be deployed on the left, it would be a misuse of his creative ability.

So, Barca have little room to play with, and their big transfer gamble ultimately appears to be the wrong man. Yes, it's a new summer, but the same problems, hubris and mismanagement, still run rife within the Catalonian club.