Thread by @BarcaIndex

🧵 The 3 red lines forcing Barça to borrow for Joan García’s transfer.

FC Barcelona's finances remain under heavy pressure as they try to sign Espanyol's goalkeeper.

Let’s break down the puzzle Laporta is trying to solve:
👇

1️⃣ Joan García: deal agreed, cash missing

6-year deal until 2031 ✅
€25M release clause 🚩
Barça exceeds La Liga’s salary cap, still under restricted 1:2 rule.

The club may turn to banks for short-term loans at 2-3% interest just to fund the move.

2️⃣ Red Line 1: The TV rights trap

Barça sold 25% of their TV rights for 25 years to Sixth Street back in 2022:

First 10% = €207M (+€60M booked as capital gains)

Then 15% = €320-330M (recorded as €400M with gains)

They created a JV called Locksley Invest SL to collect over €500M.

BUT:
Since Barça surrendered future income on these rights, auditors may now value these holdings at €0 — risking a €157.5M hit to the balance sheet.

3️⃣ Red Line 2: The Barça Studios disaster

Barça sold 49% of Barça Studios (now Barça Vision) for €200M in 2022.

Only €55M was actually received.

Bridgeburg Invest SL (the buying vehicle) defaulted.
IPO plans for Nasdaq failed.

Grant Thornton already forced a €141M impairment, leading to €91M losses last year.

Crowe Global (new auditor) may impose further write-downs, risking another €141M loss.

4️⃣ Red Line 3: The VIP seats dilemma

Barça pre-sold 475 VIP seats at the new Camp Nou for 25 years:

Forta Advisors (Qatar): €30M

New Era Visionary Group (UAE): €28M

Total deal: €100M

€42M still pending.

Problem?

Auditors say revenue should be spread over 25 years. That’s only ~€4M/year eligible for accounting — not enough to balance other deteriorations.

5️⃣ Too many holes to plug

Between:

TV rights depreciation
Barça Studios write-downs
Limited revenue recognition on VIP seats
...Barcelona's financial engineering is hitting its limits. The Fair Play puzzle is nearly impossible to solve without new injections.

6️⃣ UEFA's shadow looming

UEFA is auditing Barça’s books.

One critical point: classifying the Sixth Street TV deal as "operating income" instead of "extraordinary income" may trigger a €15M fine.

7️⃣ Bottom line:

✅ The Joan García deal is done on paper.

🚫 But financially, Laporta faces multiple accounting bombs.

🏦 Loans may be the only way to make short-term signings possible.

Another summer of economic high-wire acts at the Camp Nou.
🔵🔴