The problem with deferring wages is that if Barca becomes insolvent/bankrupt then banks and vendors have the first right over any cash from asset sales. The players will be left with whatever little is remaining. I can see the following scenario play out if Barca go insolvent:
- Spanish/Catalonia government tries to help Barca but European courts call it unfair state sponsored help. Thanks to Tebas' attacks, City/PSG will be more than happy to sue if direct government involvement takes place.
- There won't be a rapid fire sale of assets (players) as this would make Barca unattractive. Instead Barca will try to follow a German model of part fan ownership. Most buyers who will be interested will be corporations/big business, as wealthy individuals would prefer full control, unlike corporations who'd be more focused on their ability to market products.
- Either ways the new owners will demand zero responsibility for any previous liabilities (including deferred player wages). I can see numerous lawsuits from players/clubs/vendors challenging the fair value/acquisition cost of Barca. If the acquisition cost is too low, players may not get all their deferred wages and clubs owed transfer money may not get all their transfer fees from the stake sale.
- The divestment process will keep dragging on because of this. Barca keeps getting less valuable and post-acquisition I can see them as a Europa-level team for a few years.
If I was a young player entering my prime and yet to earn a lot of money, I'd avoid Barca till they were fully sorted.