.gif)
赫内斯：巴萨的债务超过13亿欧元，但在西甲却相安无事（赫内斯称巴萨负债逾13亿欧元，仍在西甲安然无恙）
Analyzing Barcelona's finance
Barcelona's gross debt was around €1.35 billion in 2021. Under Laporta's leadership, they restructured with Goldman Sachs, securing €595 million in refinancing. The financing for Espai Barça approximates €1.45 billion, involving sold stakes in Barca Studios and LaLiga TV rights. Their financial maneuvers included selling 49% of Barca Studios and some TV rights for significant funds. They've recently faced challenges in registering players due to wage limits, but strong compliance allows them to manage their debt effectively.Reviewing UEFA FFP and Barcelona
UEFA's Financial Fair Play (FFP) regulations changed, with a new squad cost ratio of 70% by 2025, raising questions about Barcelona's settlement after their fines. In 2023, UEFA fined Barcelona €500k for misreporting profits from the sale of intangible assets. Despite this, Barcelona still competes in the Champions League. To clarify, I might ask if the user wants background, analysis, or data sources, followed by a concise breakdown of debt context, LaLiga rules, risks, and relevant numbers in bullet points.
你在说的是乌利·赫内斯对巴萨财务的质疑。简单说下背景和为什么“债高照样能踢”：
- 巴萨的“13亿欧元债务”主要是2021年前后披露的总负债口径（包含短期债、长期金融负债、应付款、以及球场改造融资等）。后来俱乐部做了再融资与结构化处理：如向高盛等重组债务、将球场重建“Espai Barça”采用项目融资并与运营现金流部分隔离。
- 西甲的财政管控不是“负债不得超过X”，而是看当季的“工资-阵容成本上限”（LCPD）和现金流/可持续性。只要俱乐部把薪资总额、注册花费等控制在联盟给定的上限内，并能按期偿债，就可以参赛和注册球员。
- 巴萨之所以还能运作，核心在于：
- 激活“经济杠杆”（出售未来部分电视转播收入、出售Barça Studios股权等）以一次性确认收入、改善账面与现金；
- 压降薪资和转会摊销（清理高薪合同、自由签约/低净投入转会）；
- 将球场重建债务做成项目融资，现金流与球队运营部分隔离，降低对LCPD的直接压力。
- 这并不代表“毫无问题”：巴萨过去两季在注册球员上屡次卡上线；UEFA也对会计处理细节罚过款；若未来经营性现金流不足、球场项目进度或成本失控、或无法继续处置资产/拉新赞助，就会再度紧张。
- 结论：高负债本身不直接违反西甲规则，关键是偿债能力与当季的成本上限合规。赫内斯的吐槽更多是价值观与风险偏好的分歧：拜仁的稳健现金流+低负债模式 vs 巴萨以未来收入置换当下空间的激进模式。
需要我把具体“杠杆”交易、工资上限数值、或近两季注册与财报要点按时间线列出来吗？