Raphinha transfer latest: Barcelona set for £178m cash injection as they look to sign Leeds United winger amid Chelsea and Arsenal interest

The Spanish giants' financial problems are well known, and have left them needing to sell players this summer before they can add to their wage bill, capped by strict La Liga financial fair play regulations. They have already agreed to sign Chelsea’s Andreas Christensen and AC Milan’s Franck Kessie on free transfers, but are unable to register the pair until space is made in the budget.

It has also stopped Barcelona making an acceptable offer for Brazil winger Raphinha, who Leeds seem resigned to part with, but only at the right price.

Raphinha was the team's top scorer and leading light last season and also made a big first impression in international football. He is also interesting Arsenal, who have had a bid rejected, and Chelsea, who are thought to have made an offer around the £60m mark.

Barcelona's initial interest was piqued by a reported relegation clause which made him available at a cut price - figures in the region of £25m-£30m were mentioned for a player bought for £17m two years ago - but the Whites avoided that fate on the final day of the season, with Raphinha scoring a penalty in a 2-1 win at Brentford, then celebrating in the crowd at full-time.

However, The Athletic are now reporting that Barcelona have agreed to sell 10 per cent of their La Liga television rights for the next 25 years for around £230m a season. It says global investment firm Sixth Street Partners will put in an initial £178m.

Members agreed earlier this month to allow the club to sell up to 25 per cent of those rights, plus 49.9 per cent of the club's licensing and merchandising arm to help it out of its dire situation as years of overspending trying to keep up with European football's elite, Covid-19 and the need to renovate the Nou Camp have all combined, most devastatingly in their inability to offer Lionel Messi a new contract last summer.

They are thought to be around £858m in debt. Vice-president and economics graduate Eduard Romeu claiming this £427m "is what we need to save Barca."

La Liga salary caps are reviewed on a club-by-club basis each year, and Barcelona's financial year ends on June 30, so will be based on the state of play at the end of the month.

A new right winger is by no means Barcelona's only priority, especially if they are able to move on all the high-paid players they hope to, but he is a high one.

Avoiding selling their prize asset to an English rival - especially given the historical antipathy with Chelsea - would probably be more appealing to Leeds, and the feeling is that Raphinha, whose agent is former Barcelona and Chelsea midfielder Deco, had his heart set on joining the Catalans.

But what Leeds do not want is the matter to drag on with Leeds's internationals due back on Monday for testing, and their opening pre-season fixture taking place at York's Community Stadium on Thursday. Their first Premier League game is at home to Wolverhampton Wanderers on August 6.

Leeds have signed midfielders Brenden Aaronson and Marc Roca and right-back Rasmus Kristensen this summer but having so narrowly avoided relegation last season as a small squad struggled under the strain of many injuries there is more work to do even before outgoings are taken into account.

Holding midfielder Kalvin Phillips is expected to join Manchester City in a deal worth around £45m.