Joan Laporta faces race against time to raise funds to start Barcelona presidential term

Laporta was in attendance on Monday night as the Blaugrana thrashed Huesca to close in on Atletico Madrid at the top of La Liga

Newly-elected Barcelona president Joan Laporta at the Camp Nou for Barcelona vs Huesca (Getty)

Joan Laporta faces a race against time to begin his term as Barcelona president with a hard deadline on Wednesday to raise a further €70 million.

Laporta, according to the club's rules concerning elections, must guarantee 15 per cent of the club's budget (€124.6 million) within 10 days of winning.

And with Wednesday’s deadline fast approaching, he is still €70 million short of the threshold, according to El Periodico.

Laporta, who has already stated keeping Lionel Messi at the club is one of his primary goals as president, was in attendance as the Argentine inspired Barcelona to a 4-1 victory over Huesca at the Camp Nou on Monday night.

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Laporta’s financial guarantee to confirm his second spell as president was complicated when Jaume Giro resigned, removing a key part of the financial side of his newly-formed board.

The former executive of Fundacio Caixabank was due to commit personal assets but also negotiated guarantees with numerous banks.

Should Laporta be unable to put up the full €124.6 million, new elections would be called, creating more chaos surrounding the Catalan club.

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Meanwhile, Laporta has been given the backing from one of Barcelona’s greatest players, and “good friend”, Xavi Hernandez.

“He's a friend, a good friend, I know him very well,” the Al Sadd manager told Be In Sports. “He'll do the best for Barca, he's a very good guy and president in my opinion.

“The best president in my time at Barcelona. Barcelona will come back, for sure. The results, economically. There are many problems to solve.

“I think Laporta can do it, everything, I wish them the best. Laporta, we’re in touch, I’m very happy for him.

“I think Barcelona needs Messi and Messi needs Barcelona. It’s a matter of time. Hopefully he can continue with Barcelona.”