Barcelona seek €510m funding boost to complete Camp Nou renovation

Barcelona are pursuing two new debt arrangements worth up to €510m ($580,02m) to finance the delayed renovation of Camp Nou and cover shortfalls in projected income.

Club members approved the additional funding at a general assembly last Saturday. The package will be divided between borrowing secured against future stadium revenues and debt backed by Barcelona’s future television income from LaLiga and UEFA competitions.

The first €300m is being structured as project finance debt through the securitisation fund already supporting the redevelopment. It will be repaid over 30 years from future Camp Nou revenues, particularly income generated by the new VIP hospitality areas being built at the stadium.

That money can be used only to finish the construction work. It is secured against revenue from Camp Nou rather than against Barcelona’s wider assets.

A source told Reuters on Thursday that discussions with potential investors had already taken place, with Goldman Sachs handling the process. Goldman Sachs declined to comment, while Barcelona have yet to respond to a request for comment.

The remaining financing, worth up to €210m, will be issued as senior debt in the form of media notes. It is secured against Barcelona’s future television rights income from LaLiga and UEFA competitions and has a 10-year maturity.

That borrowing is intended to address a cash-flow shortfall caused by delays to the stadium project, which have affected the club’s expected revenues.

The €210m will be issued in two separate €105m tranches. One was placed in July, with the second expected to be issued before the end of 2026.

Barcelona started work on Camp Nou in 2023, with the project originally scheduled for completion in 2026. The redevelopment includes extending the roof, which previously covered only the main stand, across the entire stadium. Once finished, capacity will rise to 105,000.

During the general assembly, Barcelona vice-president Ferran Olive said the renovation would not be completed until the 2028-29 season.

Barcelona are expected to play at the Olympic Stadium in Montjuic during the first half of the 2027-28 campaign while the new roof is completed. Olive said the club was budgeting for a return to Camp Nou in January 2028, although the stadium could be ready earlier.

The club’s president, Joan Laporta, and Olive attributed the increase in costs and the supply-chain problems behind the delays to the conflict in Ukraine and wider global economic trends.