La Liga giants Barcelona approve new record budget

Barcelona saw a record 663 million euro ($730 million) budget approved on Sunday.

A general view of Barcelona's Camp Nou stadium.

Barcelona saw a record 663 million euro ($730 million) budget approved on Sunday as the club looks ahead to a more secure financial future.

The club's economic vice-president Susana Monje revealed on Thursday that the budget - which represents the "highest in the club's history" - was set to be presented at the weekend with an increase to wage allocation key in light of UEFA's Financial Fair Play regulations.

Barca currently spends €380m on wages before tax - 63 percent of the club's total income - however, last season's treble triumph saw an increase to over 70 percent of that figure due to variables and bonuses, a figure which was in breach of FFP.

In response the club increased income to €595 million for 2015-16 thanks to a number of new merchandising deals and sold the likes of Pedro to Chelsea before presenting the new budget to the Assembly.

"There is sufficient margin and we are not even close to the limit at this stage," Monje said on Thursday. "So Barcelona can take on renewals and new incorporations if the coaching staff consider these to be necessary."

Improved terms have been promised to Neymar, who was a summer target for Manchester United, but agreeing a financial package worth more than €600 million was key - with 655 from a total of 758 members voting in favor.

Sunday's green light from the assembly sees Barca's wage budget increased by around €80 million, meaning the club can renew the Brazilian's current contract without any risk of infringing FFP regulations.