UEFA has told Real Madrid and Barcelona that money from the sale of future revenue streams will not be considered profit under financial fair play rules.
UEFA treated Barcelona's sale of a number of future revenue streams worth around €700m last summer as debt.
The same was true of Real Madrid's sale of future revenue from the revamped Bernabeu to US investor Sixth Street in the summer of 2022 for €360m. In both clubs' financial statements, these upfront cash payments in exchange for a share of future revenue are presented as a profit.
"Barcelona had hoped to earn a further €400m from the sale of future revenues next year. It is now clear that UEFA does not recognise this income as one that meets the requirements of financial fair-play.
Real Madrid, meanwhile, have questioned the €122m "other operating expenses" disclosure in their latest accounts.
The decision puts a lot of pressure on Barcelona to meet financial requirements and goes some way to explaining why Real's activity in the transfer market is so low, apart from the move for Jude Bellingham.