Barcelona have announced that Lionel Messi will leave the club after financial problems prevented them from agreeing a new contract with the forward.

However, Barca have been unable to register Messi's new contract with LaLiga while complying with the league's financial fair play rules.

Barcelona said in a statement: "Despite having reached an agreement with Messi and with both parties clearly wanting to sign a new contract, it cannot be finalised due to financial and structural problems [rules relating to the Spanish league].

"Given this situation, Messi will not continue his relationship with Barcelona. Both parties lament deeply that the desires of the player and the club cannot be met.

"Barca would like to wholeheartedly thank the player for his contribution to the growth of the institution and wish him the best in his personal and professional life."

Spanish clubs must comply with a spending limit, which includes money spent on salaries and signings, determined by LaLiga.

Barca's spending stood at over €600 million prior to the coronavirus pandemic but was reduced to €347m last season and is expected to be slashed even further for the upcoming campaign.

Therefore, to register Messi's new contract with the league, the Catalan club needed to reduce their wage bill or bring in a significant amount of money in transfers.

However, the club have failed to move on big earners such as Miralem Pjanic, Philippe Coutinho and Samuel Umtiti and have so far failed to reach an agreement with some of the club's longer-serving players over wage cuts.

Talks are ongoing with Gerard Pique, Sergio Busquets, Jordi Alba and Sergi Roberto over salary adjustments.