When I began writing a book about FC Barcelona in 2019, I thought I would be explaining the club’s rise to greatness, and I have. But I have also ended up charting its decline and fall.
Before the pandemic, Barcelona became the first club in any sport ever to surpass $1bn in annual revenues. Now its gross debt is about $1.4bn, much of it short-term.
Spain’s La Liga has blocked it from spending any more money it doesn’t have. Barça has faced obstacles to giving a new contract to the world’s best and highest-paid footballer, Lionel Messi, even though he has reportedly agreed to cut his pay by half. The club has put most of its other players in an everything-must-go sale, with few takers so far.
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