Barcelona has claimed three of the last four LaLiga titles and reached the later stages of the UEFA Champions League in both of the last two seasons. However, they are still subject to financial constraints imposed by LaLiga due to significant losses incurred during the previous presidential reign of Josep Maria Bartomeu. Although their financial condition is gradually improving—with revenue expected to rise further when the Spotify Camp Nou opens fully in the 2026-27 season—the club remains limited in its spending capacity.
In this piece, Sam Marsden and Gabriele Marcotti explore some of the major questions confronting Barcelona this summer.
This article is the sixth installment in this year’s Keep or Dump series, which analyzes critical issues facing the Premier League and other top European clubs during the summer transfer window. Previous teams analyzed include Liverpool, Manchester United, Arsenal, Chelsea, and Manchester City.
– Kirkland: Should Mourinho’s return to Real Madrid be a surprise?
– Marsden: Barcelona: How they clinched the LaLiga title and how to improve further
– LaLiga 2025-26 awards: Yamal leads Barcelona to dominance in Spain
1. How will Barcelona replace Robert Lewandowski? Should they promote from within or move another player to fund a marquee signing at center forward?
Despite a slight reduction in Lewandowski’s playing time this season, Barcelona continued to thrive. One internal option is Ferran Torres, who netted 21 goals last season—more than Lewandowski. If given the full-time center forward role, could he score even more? A target of 35 to 40 goals seems reasonable.
However, with just one year remaining on his contract, Barcelona would need to consider extending his deal if they choose to rely on him, which is a significant decision given Torres’ age of 26 and the club’s financial situation.
Barcelona has also been linked with Julián Alvarez, but Atletico Madrid’s strong stance may complicate discussions. If Alvarez’s price exceeds €100 million, it could become a risky investment, especially when considering that he scored only eight league goals last season—half of Torres’ total. Allocating all the funds from Lewandowski’s exit on Alvarez may not be prudent.
A more sensible option might be retaining Torres, possibly extending his contract, and then scouting for a younger center forward who can eventually take over his position without the immediate need to be a superstar. New signing Anthony Gordon could also provide some depth at the forward position if necessary.
2. Should Barcelona make Marcus Rashford‘s loan deal permanent? Or does the €70 million acquisition of Gordon from Newcastle indicate his time is coming to an end at the club?
On loan from Manchester United, Rashford performed admirably in a backup role at Barcelona. They have the option to secure his services for €30 million.
The only feasible way forward appears to be if he agrees to a significant pay cut, enabling Barcelona to negotiate a lower fee with United, which is likely given their financial position. However, unless coach Hansi Flick intends to deploy him as a frequent center forward, a permanent transfer might not be logical with Gordon now in the fold.
Flick is unlikely to favor using Rashford as a center forward since he has not been effective in that position for quite some time. Even though Rashford’s performance last season included 14 goals and 14 assists, his off-ball work hasn’t met Flick’s demands.
3. Joao Cancelo is currently on loan. Should Barcelona attempt to secure him?
Al Hilal has set a €10 million price tag for Cancelo, citing interest from various European clubs if Barcelona does not meet this figure. It’s clear that Barcelona holds significant leverage here; despite Al Hilal’s claims of widespread interest, the market is unlikely to be robust, as Cancelo has already played in all four of Europe’s top leagues and many elite clubs regard him as a defensive vulnerability. He also wishes to play for the Blaugrana.
While it may take some negotiation, there’s confidence that Barcelona can reach an agreement well below €10 million. Within Flick’s tactical system, Cancelo could prove highly beneficial.
4. Barcelona has several players whose contracts run through 2028, including Raphinha, Marc-André ter Stegen, and Marc Casadó. Should they be retained, or should moves be made to avoid diminishing their transfer value?
Raphinha is integral to Flick’s game plan and has played a vital role in the team’s triumphs. While approaching 30 and with previous injury issues, unless a significant offer exceeding €70 million or €80 million comes in, the club should avoid losing him at this stage.
A solution could be mirroring last year’s strategy and offering him a one-year contract extension while postponing any further discussion until next summer. Although he might not agree to this, it’s critical they retain him.
Not long ago, ter Stegen was viewed as a cornerstone of the Barcelona project, but after spending last season on loan, Joan García has now taken over as the starting goalkeeper. Consequently, shifting ter Stegen will be challenging, especially considering his injury history and salary. A loan may be the best option.
Casadó, 22, has earned national team caps for Spain. However, with numerous central midfielders ahead of him, Barcelona must consider selling him to generate funds. As Marc Bernal returns from injury and with Pedri, Frenkie de Jong, and Gavi in contention, the team is overloaded in this area. The focus should be on receiving at least €30 million for him.
1:12
Could Harry Kane join Barcelona if they fail to land Julián Alvarez?
5. Regarding defenders whose deals end in 2028, what should be the approach for Alejandro Balde and Gerard Martín?
Balde is a versatile and valued 22-year-old, yet he has not developed quite as expected. If Barcelona receives a significant offer, perhaps in the €40 million range, they should seriously consider it, especially since keeping Cancelo could lead to Balde losing his starting role unless repositioned to right-back, which would further reduce his value. If no offers materialize, it becomes crucial to extend his contract to safeguard his worth.
As for Martín, Flick sees potential in him, and he isn’t a high earner, so extending his contract is advisable. At 24, he has established himself as a reliable center-back, albeit unexpectedly. While signing an additional central defender should be prioritized this summer, he remains a useful asset who can also fill in at left-back.
6. With Barcelona still facing spending limits from LaLiga, which players should be moved to raise funds for new signings?
It’s clear that Barcelona needs to generate revenue. They’ve already received €11 million from AS Monaco for Ansu Fati, will save money post-Lewandowski, and could further cut costs by not renewing Andreas Christensen, which they should not do.
Flick is keen on retaining Wojciech Sczcesny as the backup goalkeeper, implying Barcelona can offload Iñaki Peña to secure funds. Failing that, he may need to be loaned out, alongside Héctor Fort, who struggled with injuries and did not progress significantly while on loan at Elche. Additionally, winger Roony Bardghji finds himself in a challenging situation since he competes for playing time with Lamine Yamal, the club’s standout player.
Regarding fringe players, Barcelona might achieve a decent return for Casadó and will listen to offers for defenders like Ronald Araújo, who has been on the transfer market for some time, and Balde, although securing substantial offers could be challenging. They also have an excess of attacking midfielders, and if Fermín López is fit, they may need to choose between selling him, Dani Olmo, or even Raphinha, depending on their incoming transfer ambitions. For all other players, any offer must be compelling enough to consider.
7. What is the state of Barcelona’s defensive roster? Is securing another center back as crucial as signing a new forward?
Flick’s high defensive line has sparked significant debate throughout the season. Nonetheless, from a tactical standpoint, it would be unwise to enter a new season with a center-back lineup of Pau Cubarsí, Martín, Araujo, and Eric Garcia. Barcelona should refrain from further midseason positional experiments, such as deploying De Jong in defense or shifting Koundé across the back line.
This summer priority must be bolstering the defense. Even a couple of injuries could jeopardize the team’s ambitions. Barcelona must be strategic, as Flick’s system requires specific types of defenders, and many solid center-backs may not fit that mold.
While goal-scoring isn’t a significant concern for Barcelona, replacing Lewandowski remains essential, but reinforcing the defense is currently the more pressing issue.
Conclusion
Barcelona is emerging from a stellar season, boasting a young talent pool—including Yamal, Pedri, Gavi, Fermín, Marc Bernal, Martín, Cubarsi, and Joan García—that rivals any in Europe. This is encouraging news.
However, challenges persist, particularly with ongoing financial restrictions that the revamped Camp Nou will not rectify immediately. The squad has depth in certain areas but lacks it in others, notably at center forward and center back.
The club finds itself in a strong position within the elite level of European football; a minor push could elevate them to new heights, but navigating these challenges effectively is critical. The threat of regression hangs overhead, compounded by the legacy of “financial levers” and the Bartomeu era, creating pressure for a successful summer for the team and sporting director Deco.