Reports: Barcelona in danger of bankruptcy unless player wage bill is reduced by €190 million

Barcelona are reportedly in danger of entering bankruptcy unless they massively reduce their player wage bill, according to a report by AS.

The club recently oversaw the departures of former president Josep Maria Bartomeu and the entire board after a vote of no confidence was raised against them.

The tide of public opinion turned against Bartomeu following Barcelona's failure to capture any silverware last season and the humiliating 8-2 hammering at the hands of Bayern Munich in the Champions League.

The situation was exacerbated by Lionel Messi's desire to leave the club and his public comments against the club's upper brass. Eventually, this led to Bartomeu being forced to leave the club immediately despite his term ending only next year.

However, interim president Carles Tusquets will have his hands full from the get-go as he tries to negotiate the club through a financial crisis.

It is reported that the club needs to convince its players to take a 30% pay cut right away in order to even out the books.

(🌕) Salary Reduction: For the first time, there were talks with players ’lawyers at the table today. 190M will have to be cut, otherwise Barça will go into bankruptcy at the beginning of the year. 5th November (Thursday) is the deadline. @rac1 #FCB 🚨⏰💰

— Hagrid ✆ (@HagridFCB) October 30, 2020

Lionel Messi's departure may ease Barcelona's financial woes

Lionel Messi is Barcelona's top earner and earns upwards of €500,000 on a weekly basis. Removing his wages from the club's budget may give them breathing room but it may not be the sole solution to their financial woes.

Should Messi walk away on a free when his current contract is up at the end of the 2020-21 season, he will still be owed a departure bonus by the club.

Lionel Messi still has #ManCity as an interesting option. His father is in touch with Ferran Soriano and Txiki Bergiristain preparing a possible move. But with Josep Bartolomeu gone, it remains a mystery if Messi will choose to stay or not.[@elconfidencial via @Sport_Witness]

— Man City Xtra (@City_Xtra) October 29, 2020

Additionally, players like Sergio Busquets, Gerard Pique, Antoine Griezmann, Miralem Pjanic, Samuel Umtiti, Ousmane Dembele and Frenke De Jong all earn in excess of €200,000 per week.

The only viable solution for Barcelona seems to be in convincing the players to take a pay cut so that the club can stay afloat during this difficult time. The club reportedly has until November 5 to resolve the wage bill situation.

Barcelona has been one of the worst-hit clubs by the COVID-19 pandemic. The club has lost out massively in matchday income and has also missed out on around €15m through income from their football schools.