This feels very much like Barca doing a “Leeds”
@Beamrider - doesn’t that stack up - massive contracts leveraged against future income & success?
I'm a little bit torn on this to be honest. From where they are now, selling a small proportion of their future media income made some sense - the structure of the deal wasn't dissimilar to a loan - up-front cash receipt and then an annual payment for a fixed period of time (albeit the payment would ramp up with inflation). That didn't seem too cavalier in and of itself.
But then the stupidity comes in, as we find out more - that they'd sold a bigger proportion of the rights than they originally admitted, and that they'd tried to be cute and sell some of those rights to themselves to realise an artificial profit (and probably just ended up triggering a tax liability). And then, rather than steadying the ship, they go throwing their money around at risky players - either unproven at their level (Raphinha, Kessie, even Kounde and Christensen to a degree, the latter having not really been regular at Chelsea), or in the case of Lewandowski, proven but on borrowed time. All the while still not paying their own players because, it turns out, they didn't agree pay "cuts" with them as they said, they just agreed deferrals, and those wages are getting closer to falling due. So all the while they're clocking up bigger and bigger liabilities and they can't / won't pay them because they've spent all their money on those risky player investments. And those wage levels are insane.
Which is all very Leeds, as you say.
But on a domestic level, there's less risk involved than there was with Leeds because their own league is less competitive, and they even still qualified for the Champions League last year after an absolute shit-show of a season. Whereas the issue with Leeds was they spent money expecting / needing to qualify for the Champions League when the odds were against them doing so.
So they're acting irresponsibly, but the downside risk for them is lower.
And then, against all of this, I just have a sneaking suspicion that the La Liga rules might be a bit draconian - by which I mean the rules seem to bite very hard very quickly, risking pushing clubs into a greater level of financial crisis and forcing fire sales of players to get within very testing wage constraints. Maybe that's because they're intended as a deterrent and the other clubs realise that the risk of falling foul of the rules is so great that they just don't go there. But Barca, proud Barca, Mes que un club, just couldn't help themselves, believing La Liga would make an exception for them.
So, on balance, fuck them. Victims of their own arrogance.