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It was announced a few days ago that Barcelona's Squad Cost Limit, which is the amount of money a La Liga club is allowed to spend during the course of a season, was increased by €37 million ($39 million) following the winter transfer window.
La Liga's Economic Control framework was introduced in 2013 in a bid to maintain the sustainability of the league and ensure clubs were not spending beyond their means.
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Barcelona has struggled financially in recent years and saw its Squad Cost Limit slashed last January, but it has since increased to $485 million — more than double the amount it was 12 months ago.
It is claimed by Spanish outlet AS that Barca sporting director Deco believes the club's extra spending power would give it the capability to sign Diaz.
Deco is said to be a big fan of the Colombia international and thinks he can play on either flank, while also being capable of contributing a significant number of goals
Diaz's contract at Liverpool is due to expire in 2027 and at the moment he is said to have no desire to renew, which could prompt Barcelona to test the waters with a bid for the Reds star this summer.
Meanwhile, Juventus is reported by Tuttosport to be interested in signing Feyenoord center-back David Hancko, who has previously been linked with Liverpool.
Juve scouts are said to have watched Hancko, 27, in Feyenoord's Champions League game against AC Milan last week, and the Old Lady is apparently prepared to pay $24 million to sign him.
The report adds that Liverpool tried to sign Hancko during the January transfer window but that he was reluctant to listen to offers as he had already decided that he wanted to move to Turin.