Barcelona reveal summer transfer budget

Barcelona have taken the unusual step of announcing their summer transfer budget after confirming they are taking measures to reduce the club's debt.

Javier Faus, the European champions' vice-president of the finance department, said last night coach Pep Guardiola would have "€45 million (just over £40 million) for new signings, plus money that may be obtained from sales".



The announcement has already led to speculation Barca will not be able to move for targets such as Arsenal's Cesc Fabregas, although income could be generated from sales of the likes of Bojan Krkic, Jeffren and Maxwell.



In announcing a reduction in the amount the club owe, Faus said: "The gross debt has been reduced from €532 million to €483 million, and the net debt from €431 million to €364 million.



"We want to decide our future and to do so we must reduce the debt to acceptable levels.



"There has been a great effort, which will continue over the next two years, to reduce this debt...a millstone that is essential and indispensable.



"This will make Barcelona the most financially solvent club in the world in two or three years."

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