Lionel Messi has agreed to stay at Barcelona after agreeing to a five- year deal, according to ESPN.
Messi’s €500m contract expired at the end of June and has officially remained a free agent after his 20-year trade at the Catalan club.
Prior to the return of Joan Larporta as President, the 34-year-old had indicated under Josep Maria Bartomeu that he may not continue at the club after the expiration of the contract.
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He made the decision after the club was humiliated 8-2 by Bayern Munich last August in the Champions League.
But with Laporta, the Argentine who just won the Copa America has agreed to stay until 2026.
The club is expected to make an official announcement soon, the report said.
Barcelona has a debt of over €1bn and the club also needs to cut down its wage bill to meet La Liga benchmark for wage bill.
With the development, the six-time Ballon d’Or winner has also agreed a wage cut. The clubs wage limit has been reduced from €600m to €347m.
La Liga President Javier Tebas is demanding further cuts before the club will be able to register players like Sergio Aguero and Messi.