Barcelona is in a "tragic" financial situation... its debts are more than two billion euros

Barcelona club president Joan Laporta on Monday detailed the "tragic" financial problems that convinced him to abandon Argentine star Lionel Messi.

"The economic and financial situation of the club is worrying, and the financial situation is tragic," Laporta said in a two-hour press conference at the Camp Nou.

He pointed out that the Catalan club has debts of 1.35 billion euros, and salaries of 617 million euros, which is "25 to 30 percent higher than the debts of our competitors."

"We are all tightening our belts, and in two years the club's finances will be healthy," Laporta added.

On Messi's departure, Laporta said that the two sides had "negotiations that both sides hoped would be fruitful, but they did not succeed. There is mutual disappointment."

He stressed that the Argentine's presentation as a player in Paris Saint-Germain on Saturday left him with "mixed feelings, like all Barcelona fans."

"I would have preferred to see him in Barcelona even though we made the right decision," Laporta said. "I wish him all the best, I would love to see him happy, he deserves it. From now on, we will be rivals."

Barcelona opened its season by winning 4-2 at home to Real Sociedad on Sunday.

"It was a reaction a lot like Barcelona," Laporta said. "All the players are more motivated than ever."

"Sunday showed that Barcelona fans thirst for football and to see a team that fights and plays well. A new era has begun. The short-term prospects are complicated, but they are fantastic in the medium term."

He pointed out that Barcelona plans to return to the development of young players as it did with Messi, who came through the youth system known as "La Masia".

"We will bet on La Masia, which will allow us to develop the model we want," he said.

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