Tough talking: Barcelona's president Sandro Rosell has admitted the club has spent more than it has made. Photograph: R. Solana/Cordon/Press Association Images

Barcelona president Sandro Rosell has revealed the extent of the financial worries at Barcelona, admitting the players' wages for last month have not been paid.

Rosell formally succeeded Joan Laporta as president last week and has already sold Dmitro Chygrynskiy to former side Shakhtar Donetsk for €15m to alleviate the club's "liquidity problems".

That move came as something of a surprise as, even though the defender had struggled for first-team football, coach Pep Guardiola had stated his intention to hold onto him. But Rosell explained his administration were forced to act, both with that sale and by seeking further funds from banks.

"We found a club in debt, with liquidity problems," he said. "At this point we have to take a loan to pay the wages of the players. The squad were supposed to be paid at the end of last month and still haven't been. We'll fix a loan of €150m.

"The banks know that we have a business plan that will allow them to recover the money. The club is not bankrupt because it generates income."

However, Rosell insisted the situation was not a reason to panic: "The members shouldn't be afraid because it is under control," he said. "We must resolve this tension. It can be done in two ways: to have extra income, like selling Chygrynskiy, and or, taking a loan, which is what we have done.

"The previous board had already begun this process. We followed the same path - the same banks, the same target but with a different business plan. They [Laporta's board] also knew they needed this credit. We hope to sign it this week."

Asked how a club with a turnover of €400m could be in such a predicament, Rosell said: "It has spent more than it has made."

Despite the financial situation – and the purchase of David Villa from Valencia – Rosell insists there is still as much as €89m to spend on new blood: "There will be €50m to sign more players," he said. "This is the case every year. This is our plan for the future. Technically, as of now we have €50m, plus €15m for Chygrynskiy and €24m for Yaya Toure. In total, €89m."

That may not be good news for Arsenal fans, who hope to see their captain, Cesc Fábregas, remain in London. With the former Barça youth player seemingly keen to return to Camp Nou, it has become the summer's protracted transfer saga.

However Rosell, who is due to travel to South Africa shortly, where he hopes to meet with Gunners boss Arsène Wenger, wants the issue sorted as soon as possible: "It's now or never," he said. "We'll do it fast. It won't be protracted. I'll try to see Wenger in South Africa, then we'll tell you what happens. We would not pay the €50-60m that I have read about. If Arsenal do not go crazy, he might play at Barça."

24m euros for Toure - that's a bit better than I thought.

Worse than I thought. €24m? You're kidding me...

There was talk of 28m pounds at one stage..

Well that aside I sincerely hope we/they aren't paying £200+ a week to the guy. He isn't Zidane.

That's the bit that sticks in the throat, if true.

This.

Where have these quotes regarding £200k a week come from? The press and footy chat rooms like this.

Does anyone really think that as soon as a deal is done the players agent or club fax a copy of his contract to the Press Association???

Funny how rumour and outright bollocks is quickly quoted as cold hard fact by the media.

Exactly, that's why we havent ruined football yet, cos it's not actual fact.

I swear sports journos sit round and say 'right, what we making up today then?'.

Apparently the 50% tax rate means we are paying over the odds in wages to be competitive, it's a lot lower on the continent.
Another one to thank Gordon for.

Apparently the 50% tax rate means we are paying over the odds in wages to be competitive, it's a lot lower on the continent.
Another one to thank Gordon for.

It is really isn't it? Syphoning off wealth from some oil-rich arab country into the UK's coffers... I haven't got a problem with that.

I didn't see the 50% tax rate being amended in the budget, did you??

That rate was one of the little traps Brown likes to set, it is debatable whether it raises extra money or even loses it.
The point of it is Cameron can't scrap it right away cos everyone will scream "tory toffs looking after their rich chums!" etc.
Anyway "we are all in this together";)

Btw nice to see yesterday they announced they are stopping public sector advertising in the guardian. Bye bye Guardian.

And I suspect no one on here have anything to fear from the 50% tax rate, so stop moaning bitch.

I meant more the fact our league is now at a big disadvantage compared to the continental ones. Though we can afford it I s'pose.

Yes, I too think that when the government are considering tax bands football should be at the forefront of their minds.