That move came as something of a surprise as, even though the defender had struggled for first-team football, coach Pep Guardiola had stated his intention to hold onto him.

But Rosell explained in an interview with Sport his administration were forced to act, both with that sale and by seeking further funds from banks.

“We found a club in debt, with liquidity problems,” he said. “At this point we have to take a loan to pay the wages of the players.

“The squad were supposed to be paid at the end of last month and still haven’t been. We’ll fix a loan of €150m.

“The banks know that we have a business plan that will allow them to recover the money.

“The club is not bankrupt because it generates income.”

However, Rosell insisted the situation was not a reason to panic.

“The members shouldn’t be afraid because it is under control,” he said. “We must resolve this tension.

“It can be done in two ways: to have extra income, like selling Chygrynskiy, and/or taking a loan, which is what we have done.

“The previous board had already begun this process. We followed the same path - the same banks, the same target but with a different business plan.

“They (Laporta’s board) also knew they needed this credit.

“We hope to sign it this week.”

Asked how a club with a turnover of €400m could be in such a predicament, Rosell said: “It has spent more than it has made.”

Despite the financial situation – and the purchase of David Villa from Valencia - Rosell insists there is still as much as €89m to spend on new blood.

“There will be €50m to sign more players,” he said. “This is the case every year. This is our plan for the future.

“Technically, as of now we have €50m plus €15m for Chygrynskiy and €24m for (Yaya) Toure. In total, €89m.”

That may not be good news for Arsenal fans, who hope to see their captain, Cesc Fabregas, remain in London.

With former Barca youth player Fabregas seemingly keen to return to the Nou Camp, it has become the summer’s protracted transfer saga.

However Rosell, who is due to travel to South Africa shortly, where he hopes to meet with Gunners boss Arsene Wenger, wants the issue sorted as soon as possible.

“It’s now or never,” he said. “We’ll do it fast. It won’t be protracted. I’ll try to see Wenger in South Africa, then we’ll tell you what happens.

“We would not pay the €50m-€60m that I have read about.

“If Arsenal do not go crazy, he might play at Barca.”