Follow Us on Google Discover
FC Barcelona has completed a €300 million bond issue to finance the remaining redevelopment of Spotify Camp Nou, marking a new stage in the club’s efforts to deliver its long-delayed stadium project.
The latest development follows Barcelona’s approval of an additional €510 million financing package at its Ordinary General Assembly in September, when club members authorised new borrowing to complete construction work and address the financial impact of delays to the project. Of the approved amount, €300 million was earmarked for stadium construction, while the remaining €210 million was allocated to operational financing through two Media Notes issuances backed by future audiovisual revenues.
The completion of the €300 million bond issue means Barcelona has now secured the construction financing required under the September approval, although the separate €210 million financing arrangement remains distinct.
Also Read
The development comes as the cost of the Espai Barça project, which includes the Camp Nou redevelopment, has risen to approximately €1.8 billion, significantly above the original budget approved by club members.
How Barcelona’s Camp Nou financing has grown
Barcelona’s latest borrowing adds to a series of financing arrangements that have made the stadium redevelopment one of the club’s largest financial commitments.
The project initially received approval from club members in 2014, with a budget of €600 million for the refurbishment and expansion of Camp Nou and surrounding facilities.
However, the original plans were abandoned following delays and financial difficulties, with the club subsequently introducing a revised redevelopment proposal after Joan Laporta returned as president in 2021.
The revised project, which included significant changes to the stadium’s design and commercial facilities, was approved with a budget of approximately €1.5 billion in December 2021.
In April 2023, Barcelona arranged a €1.45 billion financing package through Goldman Sachs to support the redevelopment.
The latest €300 million bond issue forms part of that additional financing and brings the reported overall project budget to approximately €1.8 billion.
The remaining €210 million from the September approval is being raised through two €105 million Media Notes issuances, backed by future audiovisual revenues from LaLiga and UEFA competitions. The notes have maturities of up to 10 years and carry fixed interest rates.
Rising costs and construction delays
The increase in the project’s financial requirements reflects the additional work and changes introduced during construction.
According to Barcelona, the scope of the redevelopment expanded to include additional VIP and hospitality facilities, an enlarged museum, improved 5G connectivity and advanced building management systems.
The club also identified structural reinforcement work on the stadium’s second tier as a significant contributor to the additional construction requirements.
More than 3,000 reinforcement jobs have been carried out on the stand, compared with approximately 800 originally anticipated.
The project has also experienced repeated delays, pushing back the expected completion date from the initial summer 2026 target.
The postponement has affected the club’s financial projections, as Barcelona has had to wait longer to generate the additional matchday and hospitality revenues expected from the renovated stadium.
During its two-season stay at the Estadi Olímpic Lluís Companys in Montjuïc, the club incurred nearly €17 million in operating expenses and another €24 million in investments associated with the temporary relocation, according to figures presented at its September assembly.
The club now expects to return to Montjuïc temporarily during the 2027/28 season to allow work on the Camp Nou roof to continue, with a return to the stadium projected for January 2028.
The initial return is expected to provide approximately 95,000 seats, while the fully completed stadium is projected to accommodate around 105,000 spectators.
