Explained: How have cash-strapped Barcelona afforded Raphinha, Kessie & Christensen transfers?

How have supposedly cash-strapped Barcelona managed to sign Raphinha, Franck Kessie and Andreas Christensen? They were left with debts in excess of €1 billion following Josep Maria Bartomeu's reign as club president, with Joan Laporta drafted back in for a second term in March 2021 to steady the ship.

He was left with no choice but to sanction the departure of a number of star names last summer in order to reduce the club's wage bill, including seven-time Ballon d'Or winner Lionel Messi.

The 2021-22 campaign proved to be a turbulent one for Barca as a result, but they are now splashing the cash in the summer transfer window with a view to returning to the top of domestic and European stages next term.

Laporta was given permission to sell club assets by the Barca members' assembly last June as they targeted investment funds capable of providing financing so that operations could run as normal in the short term.

Barca successfully sold a first package of financial assets before striking a €207.5 million (£176m/$207m) deal with investment group Sixth Street on June 30, 2022.

The club sold 10 per cent of its La Liga TV rights to the US firm, which ensured that they turned a profit at the end of the 2021-22 financial year - taking a giant step towards reversing their money woes in the process.

A second economic lever is now being worked on to raise funds so that Barca no longer exceed La Liga's salary limit, with another 15 per cent of their TV rights set to be sold in return for an extra €300m (£254m/$300m).

The Blaugrana are also selling 49.9% of the shares of the Barca Licensing and Merchandising company, which will bring their total revenue for the summer beyond €600m (£509m/$600m) and allow them to register new players