Barcelona raises €300m more as Spotify Camp Nou costs hit €1.8bn

FC Barcelona has completed a €300 million bond issue to finance the remaining redevelopment of Spotify Camp Nou. The Spanish club confirmed on November 13 that it had finalised the financing after approval from Spain’s National Securities Market Commission (CNMV), with Goldman Sachs as sole placement agent.

Financing details

The bond issue follows Barcelona’s approval of an additional €510 million financing package at its Ordinary General Assembly in September. Club members authorised new borrowing to complete construction work and address the financial impact of delays. Of that amount, €300 million was earmarked for stadium construction. 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 means Barcelona has now secured the construction financing required under the September approval. The separate €210 million arrangement remains distinct. That part 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.

How costs climbed

The cost of the Espai Barça project, which includes the Camp Nou redevelopment, has risen to approximately €1.8 billion. That is significantly above the original budget approved by club members. The project initially received member approval in 2014 with a budget of €600 million for refurbishment and expansion of Camp Nou and surrounding facilities. The original plans were abandoned after delays and financial difficulties. Barcelona introduced a revised proposal after Joan Laporta returned as president in 2021. The revised project, with changes to the stadium 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.

The latest €300 million bond issue forms part of the additional financing approved in September. The increased requirements reflect extra work and changes during construction. Barcelona says the scope expanded to include additional VIP and hospitality facilities, an enlarged museum, improved 5G connectivity and advanced building management systems. Structural reinforcement work on the stadium’s second tier was a significant contributor. More than 3,000 reinforcement jobs have been carried out on the stand, compared with approximately 800 originally anticipated.

Delays and return plan

The project has faced repeated delays, pushing back the expected completion date from the initial summer 2026 target. The postponement has affected Barcelona’s financial projections because the club has had to wait longer for additional matchday and hospitality revenues 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.

Barcelona now expects to return to Montjuïc temporarily during the 2027/28 season to allow work on the Camp Nou roof to continue. A return to Camp Nou is 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.