Barcelona seek permission to borrow another €500 million

Barcelona intend to ask their delegate members to approve an extension of the Espai Barça financing worth up to €500 million. The original package totalled €1.45 billion but will not be enough to complete the entire project. The stadium was supposed to begin paying for itself. First, the club needs to borrow again to finish building it.

A VOTE ON 20 SEPTEMBER

Sunday, 20 September is the most likely date for the General Assembly of Delegate Members. It has not yet been officially confirmed. Barcelona’s board are expected to make the formal decision at Thursday’s meeting, after the transfer window has closed.

The club initially considered holding an extraordinary assembly at the end of August. That plan was abandoned because of its cost, organisational demands and proximity to the annual ordinary meeting. Instead of staging two assemblies, Barcelona want to bring the regular one forward and hold all the major votes on the same day.

The most important item is expected to be approval for an increase in the financing required to complete Espai Barça.

€1.45 BILLION IS NO LONGER ENOUGH

Barcelona secured €1.45 billion in financing for the project in 2023. The operation involved 20 investors, including Goldman Sachs and JP Morgan. Approximately €1.07 billion was allocated to the redevelopment of Spotify Camp Nou and the surrounding campus. The remainder was intended to cover the new Palau Blaugrana and other parts of Espai Barça.

The board now want permission to increase the available financing by as much as €500 million. If the delegate members approve the full amount, the overall pool connected to the project could approach €1.95 billion.

That does not mean Barcelona will immediately draw down the entire sum. The vote is primarily intended to authorise the board to extend the financing and complete an operation within an agreed limit. The precise terms, interest rate and repayment schedule have not yet been made public.

THE STADIUM FOUND MORE PROBLEMS THAN EXPECTED

According to Catalan media reports, the additional funding is needed because of more extensive structural problems in the old stadium, higher material prices, changes required by safety regulations and restrictions on construction hours.

The original assumptions proved too optimistic. Once work began, engineers reportedly discovered significantly more defects in the first and second tiers of Camp Nou than had been anticipated. Delays followed, along with additional costs caused by the need for greater quantities of steel and concrete.

The club expects the debt to be repaid through additional income generated by the rebuilt stadium. In 2023, Barcelona estimated that revenue at around €247 million per year. In June 2025, the club moved the beginning of repayments on part of the debt from 2028 to 2033 by restructuring €424 million in bonds. The final maturity date for that portion now extends to 2050.

The stadium is supposed to finance its own reconstruction. For now, the reconstruction has mainly been generating new entries on the club’s list of financial obligations.

MORE THAN A LOAN

The assembly agenda is expected to cover much more than financing. Delegate members will be asked to approve the accounts for the 2025/26 season and the budget for the following campaign. According to Mundo Deportivo, projected revenue for 2026/27 will exceed €1.1 billion, helped by a full season at Spotify Camp Nou and the stadium’s gradually increasing capacity.

The agreement with Ohana Development will also be submitted for approval. The UAE-based company is expected to use the Barcelona brand for a luxury residential complex, providing the club with around €10 million per year.

Members must also ratify the extension of the Spotify agreement. The company’s logo will remain on the men’s and women’s first-team shirts until 2030, while the Spotify Camp Nou naming rights will run until 2034. The agreement was announced in October 2025 but still requires assembly approval.

THE MEMBERS WILL RECEIVE THE BILL

Barcelona will present record revenue, new commercial agreements and projections for the stadium’s future earning power. Alongside those figures will be a request for permission to borrow up to another €500 million.

This is not yet an officially completed loan. It is a proposal that must be approved by the delegate members. The fact that the original €1.45 billion was insufficient will nevertheless require a more detailed explanation than another presentation about future income.

The new Camp Nou is supposed to become the foundation of Barcelona’s financial recovery. At present, the foundation needs more financing.

Sources: Mundo Deportivo · FC Barcelona – Espai Barça financing · Reuters · ARA · FC Barcelona – Spotify agreement