How exactly does this work? How does the club's debt become his debt?
The Catalan giant’s ownership structure makes cash flow more important than it might be for teams with equity holders. The more it spends on players, the less it has in reserve for lean times. Being owned by the fans means that Barca can’t sell a stake in itself if it ever encounters financial difficulties. Or, at least, it can’t do so without the approval of the members, making it all but impossible.
That fan-based model also means it can borrow much less than its big rivals. Manchester United Plc has net debt that’s 2.7 times trailing Ebitda, an earnings measure, but Barcelona’s statutes limit its debt to twice Ebitda. Even with those limits, it will always need a steady flow of cash to service its borrowing costs, and to provide a financial cushion.
So in English, Allegedly the bylaws for the board allow the club members to hold a board liable if their debt ratio goes above a certain level, and required them to pay for 15 percent of it or something, at least that is my understanding. Since the club is completely fan owned the board has to ensure there is no debt carry over for when the next board comes in.