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Catalan club Barcelona are closing in on a deal for Manchester City striker Ferran Torres, but the deal is contingent on the club's wage bill being cleared first.

Barcelona officials and City officials met in Seville on Tuesday to finalize a deal worth an initial €55m with a further €10m ($11m) in potential add-ons. But Barca still have work to do to pull off the transfer. Financial restrictions in LaLiga prevent them from signing new players.

According to the Spanish league, their spending limit for the season is €97m ($110m), which is significantly lower than their wage bill, but they are allowed to spend 25% of any savings they make in wages or transfer fees.

As a result of Sergio Aguero's retirement, there is some room for signing in January, but there is still much more work to be done. In addition to Neto, Samuel Umtiti and Philippe Coutinho, three players deemed surplus to requirements, the club will also listen to offers for other players.

Following the arrival of Dani Alves on a free transfer, the club revealed on Tuesday they are even open to offers for Sergino Dest.

Barca announced in November that talks with City over a move for Torres, a player that has been of interest to them for some time, had stepped up.

As soon as new coach Xavi Hernandez took over, it became clear that he wanted attacking reinforcements, with Torres emerging as Barça's top target. Barca's director of football Mateu Alemany travelled to Manchester to speed up the negotiations last month.

The only thing holding up the deal is Barcelona's financial situation. Alemany are over €1 billion in debt and can't sign new players in January due to LaLiga's salary cap.
Torres has scored 16 goals in 43 appearances for City and another 12 in just 22 caps for Spain.

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