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FC Barcelona has approved €510 million in new financing to complete the redevelopment of Spotify Camp Nou, taking the total financing committed to the Espai Barça project to more than €1.9 billion.
The new financing was approved at the club’s Ordinary General Assembly and will be used to fund additional construction work and other costs associated with completing the stadium.
Of the €510 million, €300 million will be used for construction, while €210 million will be raised through two Media Notes backed by the club’s future audiovisual revenues.
The additional financing comes as Barcelona looks to complete a project that is central to its plans to increase revenue and strengthen its financial position.
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How the €510 million will be used
Barcelona said the additional €300 million in construction financing is required because the scope of the stadium project has expanded during the redevelopment.
The club cited additional VIP and hospitality spaces, an expanded museum, improved 5G connectivity, new building-management systems and additional structural reinforcement work.
More than 3,000 reinforcement jobs have been carried out on the stadium’s second tier, compared with around 800 originally planned.
The remaining €210 million will come through two Media Notes of €105 million each.
The notes are backed by future audiovisual revenues that Barcelona expects to receive from LaLiga and UEFA competitions. They have maturities of up to 10 years and carry fixed interest rates.
The first €105 million issuance was completed in July 2026, while the second is expected to be issued in October or November.
Barcelona will return to Montjuïc temporarily
Barcelona’s return to Spotify Camp Nou is not yet the end of the redevelopment process.
The club is currently playing its home matches at Camp Nou and is expected to finish the 2026/27 season at the stadium. However, Barcelona will temporarily return to the Estadi Olímpic Lluís Companys in Montjuïc from June 2027 to January 2028 to allow work on the stadium’s new roof structure to continue.
Club economic Vice President Ferran Olivé confirmed the plan during Barcelona’s General Assembly, explaining that the temporary relocation will allow the roof installation work to be carried out.
Barcelona is expected to return to Camp Nou midway through the 2027/28 season, when the stadium is projected to have a capacity of around 95,000 spectators.
The full redevelopment is expected to be completed ahead of the 2028/29 season, taking the stadium’s planned capacity to approximately 105,000 spectators.
The timing is significant for Barcelona, with UEFA having awarded the club the right to host the Champions League final at Camp Nou at the end of the 2028/29 season.
For Barcelona, the redevelopment therefore remains an ongoing financial commitment even though the stadium has already returned to regular use. The club is now generating matchday revenue from Camp Nou while continuing to finance the work required to deliver the fully completed 105,000-capacity stadium.
The continued construction also means the club must balance the commercial benefits of returning to Camp Nou with the additional costs associated with completing the remaining work. The final stages of the redevelopment are therefore expected to remain an important part of Barcelona’s financial planning over the next two seasons.
Financing future revenue
The €210 million Media Notes are a significant part of the new financing because they allow Barcelona to raise funds against future audiovisual income.
Rather than waiting for those revenues to be received over the coming years, the club is using them as part of the financing structure for the stadium project.
The arrangement shows how future revenue streams can be used to finance major infrastructure projects in football.
For Barcelona, the strategy is based on completing Camp Nou, increasing the revenue generated by the stadium and using future income to meet its financing obligations.
The additional financing also gives the club the capital needed to continue the redevelopment without having to wait for all of the expected future revenue to be generated. This allows construction to continue while Barcelona gradually returns to operating the stadium at a higher commercial capacity.
A larger financial commitment
The latest €510 million comes on top of the €1.485 billion financing package arranged for Espai Barça in 2023.
The scale of the project means Barcelona has had to rely heavily on financing to complete the redevelopment, while the club expects higher future revenues to support the cost of the investment.
The Camp Nou project is therefore a major part of Barcelona’s financial plans.
The club expects the completed stadium to provide higher matchday, hospitality and commercial income, which will be important as it works to increase revenue and meet its long-term financing commitments.
