July 4 – FC Barcelona has refinanced €424 million of debt tied to its ambitious Espai Barça stadium redevelopment project, issuing bonds in partnership with Goldman Sachs just days before the close of its fiscal year. The move effectively pushes back key repayment deadlines and gives the financially strained club much-needed breathing room.
The newly issued bonds, which represent around 40% of the total Espai Barça project debt, will extend the repayment window from 2028 to 2050, with interest payments beginning in 2033. The average annual interest rate on the new arrangement stands at 5.19%, equating to about €22 million per year over the life of the bonds.
Barcelona’s board has framed the deal as a signal of investor confidence and a step toward long-term financial sustainability. A club statement noted that the risk premium has been halved compared to a 2023 bond issue.
Importantly, the refinancing does not place any burden on club members or involve using the Spotify Camp Nou as collateral. The club has also emphasised that the financial structure complies with terms approved by members during previous referendums and assemblies.
That said, critics have flagged concerns over the increased total cost of interest over the extended term and the slow progress on construction. The Camp Nou renovation, central to the Espai Barça vision, is behind schedule, with completion now penned for 2027. Until then, the stadium will operate with a reduced capacity of 60,000, before expanding to a final capacity of 105,000, which would make it the largest stadium in Europe once again.
Barcelona estimates that once completed, the revamped Camp Nou will generate approximately €247 million annually, providing a vital revenue stream to help offset the club’s ballooning debt load.
In the short term, the refinancing helps the club move closer to compliance with UEFA’s financial regulations — a necessity if Barcelona wants to remain competitive at the top of European football and welcome top talent through its doors this summer.
Contact the writer of this story, Harry Ewing, at moc.l1751663261labto1751663261ofdlr1751663261owedi1751663261sni@g1751663261niwe.1751663261yrrah1751663261