Cancelo move in danger amid Barca finance chaos
According to 'The Athletic', Barcelona are having to get all hands on deck to muster up the finances to complete Joao Cancelo's move from Manchester City. The club has not received part of the money owed to it by investors, which has meant club president Joan Laporta could put his own finances on the line to sign a bank guarantee and get the club a cash injection.
1 year ago
According to 'The Athletic', Joao Cancelo was ready to get on a flight to Barcelona to complete his move to the Spanish club from Manchester City, when he was told the Catalans don't actually have the money to sign him.
With a little over 48 hours to go before the transfer window closes for the summer, the same outlet reports that sources within the club have said that they have not received some of the funds from a financial lever agreement earlier in the summer.
The Spanish club sold just shy of a 30% stake in Barca Vision, which saw them set to receive 120 million euros in investment, to help the side headed by Joan Laporta sign players and register their existing squad members.
Although the sources within the club say there has been a delay in payment whereas the German company involved claim the payment was originally not due til October, the long and short of it is that Barca can't sign Cancelo right now as they cannot guarantee he will be registered with La Liga.
The paper reports that the insiders point to a bank guarantee as the solution, and would be the third time Barcelona executives have used this solution over the last year. The club's unstable finances have led to fines and close calls with other players, like Robert Lewandowski and Raphinha who were registered just 24 hours before the club's league opener last season.
Cancelo is not the only player this summer to face the consequences of the defending champions' financial chaos. New signing Inigo Martinez and back up keeper Inaki Pena both also remain unregistered, and the former could leave the club on free transfer should the transfer deadline pass with him unregistered, thanks to a clause in his contract.
With a little over 48 hours to go before the transfer window closes for the summer, the same outlet reports that sources within the club have said that they have not received some of the funds from a financial lever agreement earlier in the summer.
The Spanish club sold just shy of a 30% stake in Barca Vision, which saw them set to receive 120 million euros in investment, to help the side headed by Joan Laporta sign players and register their existing squad members.
Although the sources within the club say there has been a delay in payment whereas the German company involved claim the payment was originally not due til October, the long and short of it is that Barca can't sign Cancelo right now as they cannot guarantee he will be registered with La Liga.
The paper reports that the insiders point to a bank guarantee as the solution, and would be the third time Barcelona executives have used this solution over the last year. The club's unstable finances have led to fines and close calls with other players, like Robert Lewandowski and Raphinha who were registered just 24 hours before the club's league opener last season.
Cancelo is not the only player this summer to face the consequences of the defending champions' financial chaos. New signing Inigo Martinez and back up keeper Inaki Pena both also remain unregistered, and the former could leave the club on free transfer should the transfer deadline pass with him unregistered, thanks to a clause in his contract.
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