Pedro's transfer to Chelsea will see Spanish fourth-tier club Raqui San Isidro collect around €420,000 (£305,000), the Tenerife-based club's president has said.

The Barcelona forward signed for Chelsea for €30m (£21.8m) on Thursday, and because he came up through the youth ranks at Raqui San Isidro before switching to Barca's La Masia youth academy in 2004, the club is entitled to 1.5% of the transfer fee.

"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," Raqui president Jaime Lorenzo told Diario de Avisos.

"Now we only owe €22,000 in social security and there's a loan with Cajasiete (a bank in the Canary Islands). For this season we have a pretty good team that can go out with the aim of promotion. This will help reinforce it even more, because we can bring players from all over."

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