Tebas praises Barcelona, but the debt has not disappeared with the homework

Javier Tebas has finally put away the red pen. The LaLiga president says FC Barcelona are “doing their homework well” after the club’s squad-cost limit climbed from €432.807 million to €582.769 million. That is an increase of almost €150 million and a genuine improvement. It is not, however, a magic eraser for the club’s debt.

TEBAS POINTS TO BARCELONA’S REPAYMENT CAPACITY

“I often read that Barcelona have who knows how many millions in debt. Revenue and the ability to repay that debt are also important. You have to assess the situation properly,” Tebas said during the presentation of the new financial limits for Spain’s professional clubs.

He noted that Barcelona now generate more than €1 billion in annual revenue and argued that the club therefore has the capacity to service its debt and improve the terms surrounding it. The distinction matters. Tebas did not say the debt had disappeared. He said Barcelona had the income required to deal with it.

That is less spectacular than declaring the financial crisis over, but it does not produce quite the same headline. Only days earlier, Barcelona presented accounts showing a €18 million loss for the 2025/26 season despite record revenue. The conversation has now moved neatly towards the higher limit and praise from a LaLiga president who is usually cast as the villain whenever registration problems return.

MORE ROOM, NOT A CLEAN BALANCE SHEET

LaLiga corporate director Javier Gómez said the improvement was driven by higher income, better-adjusted structural costs, the recovery of previous losses and revenue from player sales. He also confirmed that Barcelona are currently operating under the 1:1 registration rule.

The squad-cost limit should not be confused with money sitting in the bank. It covers player and coaching salaries, bonuses, transfer amortisation, image rights, social security costs and agent fees, among other expenses. A higher limit gives Barcelona more room to register players and manage their squad. It does not cancel existing liabilities or the financial demands attached to the redevelopment of Spotify Camp Nou.

Barcelona now have the second-highest limit in LaLiga, comfortably ahead of Atlético Madrid’s €361.287 million. Real Madrid remain well clear at the top with a record €832.786 million, leaving a gap of more than €250 million between the two clubs.

A USEFUL COMPLIMENT FOR THE CLUB

Tebas believes Barcelona are putting their finances in better order and recovering the ability to operate normally. That is positive news and the rise in the limit is substantial. It still does not prove that every financial problem has been solved.

For now, Barcelona have received praise for completing their homework. The outstanding balance remains attached to the next page, where it is rather less convenient for the presentation.