UEFA have deemed that Barcelona and Real Madrid must count sales of future revenue streams as debt in their financial records.
The two Clasico rivals could find themselves in hot water over the activation of financial 'levers'.
Barcelona and Real Madrid began making such deals back in 2021 after La Liga ruled that the activation of these 'levers' would count as revenue under their own financial controls.
But Barça were reprimanded this week by UEFA for misreporting 'profits on disposal of intangible assets (other than player transfers) which are not a relevant income under the regulations', receiving a €500,000 fine.
La Blaugrana were scrutinised last summer after agreeing to sell off merchandising and TV rights as well as their own in-house production studio in order to receive up-front cash injections, affording them greater freedom to operate in the transfer market.
Their €266m deal with investor group Sixth Street was deemed an illegitimate source of revenue for Financial Fair Play (FFP) considerations.
Real Madrid, meanwhile, have been questioned over the reporting of €122m in 'other operating expenses' in their most recent financial records, with an agreement with private equity group Providence particularly under the microscope.
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The Daily Telegraph, who led the inquest into Los Blancos' financial reporting, have now revealed that UEFA have informed both La Liga clubs that any future sales of future revenue streams must go down as debt and not revenue.
Under new FFP rules, clubs will be assessed over a calendar year and expenditure will be restricted to a certain percentage of revenue, starting at 90% in the first year and dropping to 70% in the next two.
Over the course of such a three-year span, clubs will only be allowed to make losses of up to €60m, which may now prove tricky for Barcelona and Real Madrid.
Barcelona may have to sell players having already been punished by UEFA over last year's financial records - they had been hoping to raise another €400m this year by selling on further revenue streams. Barça were also recently spared a ban from next season's Champions League due to the Negreira case, with UEFA ultimately deciding against punishment for the time being.
By deducting their own €360m deal with Sixth Street, Real Madrid would have recorded operating losses of €293m last year by UEFA's standards.
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This article was originally published on 90min as Barcelona & Real Madrid dealt major Financial Fair Play blow by UEFA.