Josep Maria Bartomeu announced his resignation on Tuesday night and says that Barcelona have accepted an invitation to join a proposed European Super League.

Bartomeu said joining the venture would guarantee the club’s financial sustainability moving forward after they announced earlier this month that their debt had risen to €488 million.

I can announce some extraordinary news. [On Monday], the board of directors approved the requirements to participate in a future European Super League, a project promoted by the big clubs in Europe which will guarantee the future financial sustainability of the club. We can say with pride that we are the highest valued club in the world. We have achieved that ahead of clubs owned by States and billionaires, all while keeping the club in the hands of the members. And the European Super League guarantees the club will remain in the members’ hands.

Bartomeu will not now face the vote of no confidence brought against him by club members and will leave with immediate effect. The decision to resign was reached after the Catalan government refused to postpone the no-confidence motion until mid-November as the board had proposed.