Pedro’s transfer to Chelsea means that Spanish fourth division club Raqui San Isidro will be able to clear their longstanding debts, the Tenerife-based club’s president has said.

Barcelona confirmed on Thursday that Spain international Pedro, 28, had completed the move to Stamford Bridge for €27 million plus €3m in bonuses.

Pedro came up through the youth ranks at Raqui San Isidro before moving to Barca’s La Masia youth academy in 2004, which entitles the club to 1.5 percent of the transfer fee.

Club president Jaime Lorenzo told Diario de Avisos: “The transfer of Pedro to the English club is around €28m and €2m in variables, so it would require us to receive €420,000 in player development.”

He added: “Now we only owe €22,000 in social security and there’s a loan with Cajasiete [a bank in the Canary Islands].”

As well as clearing the club’s debts, Lorenzo said the money would be used to bolster the squad.

“For this season we have a pretty good team that can go out with the aim of promotion,” he said. “With this help reinforce it even more, because we can bring players from all over.”