Cancelo’s move to Barcelona was derailed as the Portuguese full-back was about to board a private jet to the Catalan city from Lisbon.
The sudden halt came after Barcelona officials informed Cancelo that the club lacked the necessary funds to complete his loan move, forcing the 29-year-old to return to Manchester.
Anonymous sources within Barcelona attributed the delay to complications in receiving funds from a recent commercial agreement.
However, the German company involved in the arrangement, Libero Football Finance, countered this claim.
According to Libero, Barcelona requested modifications to the agreement, and they assert that there has been no payment delay.
They planned to pay over the next few weeks, while Barca need the money now for their transfer dealings.
The €120 million deal with Libero and private investors facilitated by NIPA Capital focuses on a share in the club’s Barca Studios media division.
This complex arrangement, essentially a resale of a previous deal, was intended to bolster the club’s finances and provide funds for player acquisitions.
Barcelona president Joan Laporta and club treasurer Ferran Olive are reportedly preparing to employ a high-risk solution by signing a bank guarantee, using their personal wealth to infuse the club with an immediate €20m.
This is the third instance of such an arrangement orchestrated by Barca executives over the past year.
The club’s financial strife has broader implications than just the Cancelo deal.
Barcelona are currently at odds with La Liga’s regulations regarding salary spending. The repercussions are evident in their squad registration.
New signing Inigo Martinez cannot play until the financial restrictions are addressed.
Despite the turbulence, sources within Barcelona express confidence that the Cancelo deal will eventually go through.
They remain hopeful that the bank guarantee will pave the way for the completion of the transfer.
Barcelona’s recent history has been marked by last-minute manoeuvres to comply with financial constraints and player registration issues.
The club has faced several financial hurdles – from delaying player registrations to activating economic levers to fund moves.
These struggles are mirrored in the ongoing saga surrounding Cancelo’s move and Atletico Madrid’s Joao Felix, who could be next to join Barcelona’s ranks.
- Tottenham’s Manor Solomon facing three months on the sidelines with knee injury
- Charles Ebersol reveals inside story of £40M Chelsea deal with Infinite Athlete
- Morocco, Spain and Portugal to host 2030 FIFA World Cup
- Sunderland confirm Watford clash will proceed despite power failure
- Cinch terminates SPFL sponsorship deal after Rangers refuse to display car branding