Nolito has completed his medical at City.
Ratio of debt blocked La Liga champions from re-signing Spain winger.
Barcelona couldn't afford to re-sign Nolito in the January transfer window due to their “ratio of debt” says club president Josep Maria Bartomeu.
Barca boss Luis Enrique was keen for his side to bring the Spanish attacker back to the Camp Nou but nothing materialised and Nolito stayed put at Celta Vigo.
The 29-year-old has now sealed a move to Premier League side Manchester City, linking up with former Barca boss Pep Guardiola.
"In January, we did not make any signings because of the ratio of debt, not because we had a lack of money,” Bartomeu is quoted as saying in Sport.
"He (Luis Enrique) understood. If you cannot pay for a car, you have to settle for another one. Despite that, it should be said that this is not common, but it is good that Barcelona shows that it is a club with economic control, with maturity and rigour.
“But I cannot confirm or deny if [Luis Enrique] has again requested the player for this summer transfer market.
"Had there been a player available on a free transfer, then we could have signed them."