Competitively, the team is performing exceptionally well: Flick has led them to win titles in consecutive seasons, and the squad has been strengthened, making them capable of competing for all honors. The technical department has learned to make smart signings affordably. Adeyemi and Gabriel Jesus are proof that the team can continue to strengthen without heavily burdening the club.

Raphinha's contract extension is also positive news; he had two years remaining on his previous deal. The extensions for Bernal and Esparto are a different matter: Bernal still had three years on his contract and was still developing; Esparto had just made his debut and also had two years remaining on his contract.

Every early contract extension pushes up the total wage bill, which is expected to reach 636 million euros this season—a figure that has grown by 100 million euros in recent years. This spiraling trend is very dangerous. While revenue is at a record high, expenditures are growing even faster, and the club has incurred losses of 289 million euros over the past three seasons, which is alarming in itself. The debt has reached 3.038 billion euros, a concerning situation. With annual EBITDA of only 184 million euros, this ratio is excessively high.

The new Camp Nou will certainly generate substantial revenue, but it will also create a massive financial burden, particularly in financial costs. Over the next two years, 400 million euros in debt matures—a figure the club cannot sustain. There is also the Estadi Blaugrana arena. Laporta initially said it was included in the 1.45 billion euro "Espai Barcelona" loan, but it wasn't. We thought it would be included in the additional 510 million euros now being requested, but it wasn't. Now it appears they will seek an investor to fund its construction, and this investor will clearly capture most of the operating revenue. If this is the plan, construction could have started three years ago.

The team deserves applause, but the economic situation is flashing red lights.

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