Arsène Wenger failed to conceal his contempt for what he considers to be Barcelona's underhand tactics in attempting to prise Cesc Fábregas away from Arsenal. This is hardly surprising. For a look at Barcelona's finances suggests Los Blaugranes can hardly afford the Spain international. A report last month by the University of Barcelona's football-finance expert, José María Gay de Liébana, entitled Spanish Football in the Throes of Crisis, lays bare Barcelona's embattled balance sheet.

A 2009-10 turnover of €398.1m (£350.9m) is indubitably healthy, driven by a television deal worth €157.6m. (By striking individual deals, between them Barcelona and Real Madrid seize 49% of the total Primera Liga broadcast revenues.) Indeed, the net debt of €59.1m is nothing to be concerned about, since the current book value of the playing squad, placed at €213.2m, is plainly understated. This simply reflects the success of La Masia academy, since players who are not signed for fees are not accounted for on the balance sheet.

But Barcelona's operational costs are enormous. A player-wage bill of €234.8m is the highest in the world, and puts the wages-to-turnover ratio at a heart-stopping 76.8%. "Other running costs" push total expenditure to €380.1m. This means spare cashflow in 2009-10 stood at £15.9m and with a debt burden of €548.6m weighing heavily, there was negative interest cover, according to Gay de Liébana. For a fan-owned club, this is not a pretty picture.

"[That] Barcelona, the Liga champions and Champions League semi-finalists in 2009-10 and winners in 2010-11, are technically in a state of bankruptcy is alarming for the entire football sector," Gay de Liébana said.

Can Barcelona afford a £40m transfer outlay and minimum £25m future commitment in wages for Fábregas? Go figure. But by putting Xavi's unsettling comments about the Catalan on Barça's official website, perhaps they think they can get him on the cheap.

Ridsdale charm offensive

Friday is a big day for Peter Ridsdale. He must attempt to persuade the Football League and the Professional Footballers' Association that his £1 bid for Plymouth Argyle (its real estate assets are due to go to the property developer Kevin Heaney for considerably more) is in everyone's best interest. That may be tricky. As recorded here before, the League can block a takeover if there are complaints from football creditors. And the PFA may prove to be an obstacle. Its chief executive, Gordon Taylor, did not respond to Digger's call but a dressing-room source told of anger at the request for players to defer their salaries last month. The insider added they received a 40% payment only after a threat to boycott the pre-season friendly against Bristol City.

Argyle owe players around £500,000, which will not be fully repaid for a long time, and the playing squad also feel solidarity with staff who have been told they mightmay never receive all of their back pay. Making matters worse are perceptions that Ridsdale earned £25,000 from his consultancy to the administrator, Brendan Guilfoyle, over the month. Guilfoyle said Ridsdale's fees are "confidential" but added they were "nowhere near that". Still, Ridsdale must display all his undoubted charm and charisma if he is to achieve his aims today.

Rangers read free sheets

Queens Park Rangers' status as arguably England's second-richest club looks under threat as Bernie Ecclestone and Flavio Briatore have sought the help of Keith Harris to sell their stakes. Amit Bhatia, a former director and current shareholder at QPR, made what Ecclestone described as an "insultingly low" bid for his and Briatore's combined 67% stake in May. Now Ecclestone has responded by engaging the market-maker Harris and his stockbroking firm, Seymour Pierce. Seeking a buyer for the entire share capital of the club to a third party has not been ruled out, though the views of Bhatia and the Mittal family are unknown. If it happens, the Rs' theoretical access to a combined £18.4bn of wealth – more than any other club in football than Manchester City – would end. This uncertainty may help explain how, despite guaranteeing £80m in income over the next four years through promotion to the Premier League, so far only Jay Bothroyd and Kieron Dyer have been added to the squad. On free transfers.