A tearful Lionel Messi has confirmed today that he is leaving FC Barcelona after almost 21 years at the club. The Argentinian striker was supposed to stay at the club but Barcelona said it could no longer afford his wage bill.

According to a copy of his most recent contract leaked to the Spanish press earlier this year, Messi's annual salary is believed to be around $160 million.

However La Liga rules designed to keep clubs sustainable limit payrolls to a percentage of their revenues; and Barcelona, which recently carried over $1 billion in debt, happens to be in its deepest economic crisis in recent history.

The news of Messi's exit comes a day after La Liga agreed in principle to sell 10% of a newly formed company housing most of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.2 billion).

Although the two parties had earlier reached a deal to let Messi play on a 50% pay cut, the club's management later made a U-turn on thursday; announcing that they couldn't keep him as a result of of financial and structural obstacles.

In a statement, the club wrote: "Despite FC Barcelona and Lionel Messi having reached an agreement and the clear intention of both parties to sign a new contract today, this cannot happen because of financial and structural obstacles (Spanish La Liga regulations)."

As a result of a strained relationship with with then president Josep Maria Bartomeu, Messi himself had indicated he wanted to leave the club last year. However this did not happen as new president Joan Laporta convinced him to stay.

Tearful Speech

Messi couldn't hide his emotions during his exit speech today. Speaking at his farewell press conference, the footballer broke down to tears on several occasions, saying: "I tried to behave with humility and respect and I hope that is what remains of me when I leave the club".

"This is all like a bucket of cold water has been poured over me and we are still coming to terms with it", he added as thousands of fans adorned in no. 10 T-shirts awaited to bid him farewell outside camp nou.

"When I get home, I'm sure it'll be even worse. But I'll be surrounded by my loved ones and I'll carry on playing football, and when I do so, I'm sure it'll become a bit easier", he added.

Since joining the club at age 13, Messi has become the club's all-time top scorer with 672 goals out of 778 games.

Speculators are saying his next stop could be the french club PSG; where he could join the likes of Neymar and Mbappe.