Barcelona have reportedly agreed a new five year deal with Lionel Messi following the expiration of his previous deal on July 1st .
According to reports in Spanish press, both parties reached an agreement on a deal on Wednesday. Reports also suggest that Messi accepted a 50% wage cut to continue his stay with the Laliga giants. An official announcement is expected in the coming days.
This comes just days after Messi won Copa America, his first major trophy with the Argentina senior national team.
Messi also emerged as the best player of the competition, scoring four goals and making five assists.
He was a free agent when his Barca contract expired, and he had sparked interest from PSG and Manchester City since announcing his wish to quit his 20-year association with the club last summer.
The 34-year-previous old's deal, worth more than €500 million, terminated on July 1 at 12 am.
Joan Laporta, the president of Barcelona, had wanted to reach an arrangement before Messi's previous contract expired.
With a gross debt of almost €1 billion, Barca's financial woes rendered that impossible. Transferring players out, decreasing the pay cost, and convincing Messi to accept a reduced salary have all necessitated budget cuts.
La Liga president Javier Tebas has warned Barcelona that if they do not lower their wage bill to comply with the league's financial fair play standards, they will not be permitted to register Messi's new contract.
Since the coronavirus epidemic, Barca's spending ceiling has been slashed from almost €600 million to €347 million, with further cuts predicted for the coming season.
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