Lionel Messi has signed a five-year contract with Barcelona. However, it comes with a substantial pay cut.

Messi was released from his contract with Barcelona on June 30, when he became an unrestricted free agent. After appearing interested in Manchester City and Paris Saint-Germain, Messi reportedly expressed interest in the clubs.

The previous deal for the forward was $594 million over four years, a number which was leaked in January. The club had to wait until he could transfer players and lower the salaries before he signed a new contract. Barcelona has a data debt more than $1.18 billion

Spanish league rules restrict clubs’ spending to a certain percentage of club revenues. Officials from La Liga had stated that they would not change this rule for Barcelona.

Six-time Ballon d’Or winner Messi was reportedly interested in a move to Manchester City. In this potential move, Financial Fair Play rules were also in play.

In 2000, the soccer legend joined the club’s academy. He has played 778 matches for Barcelona and broke the appearance record of Xavi Sanchez last season. He holds a club record with 672 goals and has helped the club win 10 La Liga titles as well as four Champions League titles.

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