Pedro’s transfer from Barcelona to Chelsea will see Spanish fourth-tier club Raqui San Isidro collect around €420,000, the Tenerife-based club’s president has said.

The money will clear debts for the Spanish club, according to ESPN.

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

Tenerife-born Pedro came up through the youth ranks at Raqui San Isidro before switching to Barca’s La Masia youth academy in 2004, which entitles the club to 1.5 percent of the transfer fee from his next transfer.

Speaking before the official details of the transfer emerged, 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.”

Lorenzo said that Raqui San Isidrio, which has an annual budget of around €100,000, had been €300,000 in debt when he took charge of the club three years ago.

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.”

Pedro Rodriguez joined Chelsea yesterday after a long tug of war between English giants for the World Cup winner’s signature including Manchester United and City, Liverpool and Arsenal.