Does Barca still owe Man City?

Barcelona’s Mounting Transfer Debt: A Financial Tightrope

Despite their recent return to on-pitch stability, FC Barcelona are still navigating a complex financial landscape. As of December 2025, the Catalan club owes approximately £138 million in outstanding transfer fees, a reminder that their past spending spree continues to shape their present reality.

Among the largest dues is £36.5 million owed to Leeds United for Raphinha, a deal that still has significant payments pending. Defender Jules Koundé’s move from Sevilla in 2022 left £22 million outstanding, while Dani Olmo’s transfer from RB Leipzig accounts for another £15.5 million. One particularly symbolic debt is the £12 million still owed to Manchester City for Ferran Torres—a player Barcelona brought in to bolster their attack but who struggled to make a lasting impact before being loaned out.

Additionally, the signing of Robert Lewandowski from Bayern Munich, though widely praised for its sporting outcome, still carries an unpaid balance of £8.5 million. These figures are part of a broader financial restructuring that has kept Barcelona under scrutiny from La Liga’s economic control committee.

Crucially, the club has been instructed to settle £121 million of this £138 million debt within a tight timeframe, highlighting the urgency with which they must act. With strict wage caps and ongoing reliance on future revenue streams, Barcelona’s ability to balance sporting ambition with fiscal responsibility remains under pressure.

While the pitch may be telling a story of resurgence, behind the scenes, the board continues to walk a fine line—paying yesterday’s promises while funding tomorrow’s dreams.