Thank you [MENTION=8069]impeh[/MENTION] for posting this, it is always good to read analysis from Swiss Ramble.
Couple of things that stand out, among many things that we already know:
(1) Our wage bill, standing at 432m for the 20/21 season, was so much more than all the other clubs except PSG
(2) Our commercial revenue, one of the best if not the top prior to COVID, fell so much. Messi was a big factor but I think the incompetence of Laporta's team to close any new sponsorship deals other than Spotify should also be blamed.
What I am still confused about is the calculation of the salary cap. Swiss Ramble says it is revenue minus non-sporting expenses and debt payment. Non-sporting expenses shouldn't be that much as it doesn't include the wage bill or salaries paid to the players, it should only include salaries paid to the club employees and other operational cost. Debt payment wouldn't be that much either, I'd imagine no more than 50m a year? How the heck is it possible to have a negative 144m of salary cap if it is simply "Total revenue - non-sporting expenses - debt payment = salary cap"?
Anybody knows?