Barça Approves €510m In New Financing To Complete Spotify Camp Nou

The 2026 Ordinary General Assembly of delegate members approved a new €510 million financing package to complete the Spotify Camp Nou and cover the economic impact caused by delays in the execution of the project. The operation is structured in two components. The first consists of €300 million earmarked for completing construction work at Spotify Camp Nou, a proposal that was approved with 562 votes in favour (89%), 45 against (7%), 14 blank votes (2%), and 14 abstentions (2%). The second component consists of €210 million raised through two Media Notes issuances, backed by the Club’s audiovisual revenues. This measure was approved with 486 votes in favour (85%), 55 against (9%), 28 blank votes (5%), and 5 abstentions (1%).

300 million euros to complete Spotify Camp Nou

The €300 million financing will enable the completion of the Spotify Camp Nou, a project whose scope has expanded significantly beyond the original plans through the addition of new facilities, services, and technological solutions.

One of the most important developments has been the structural reinforcement of the second tier of the original Camp Nou, designed by Francesc Mitjans and opened in 1957. To date, more than 3,000 reinforcement jobs have been carried out, compared with the approximately 800 initially planned. This stand, which had to be preserved because of its heritage value and its status as a protected city landmark, has required far more work than originally anticipated. The full extent only became apparent as construction progressed.

In addition, the project has been expanded to include new VIP and hospitality areas, increased space for the museum, enhanced 5G connectivity solutions, and advanced building management systems.

This broader project scope, together with regulatory developments, the complexity of opening sections of the stadium in phases, and the extension of the construction timetable, explains the increase in the overall project cost.

The remaining €210 million will be raised through two Media Notes issuances of €105 million each. The first was issued in July 2026, while the second is scheduled for October or November 2026. Both issuances have maturities of up to 10 years, carry fixed interest rates, and are secured against future audiovisual revenues generated from La Liga and UEFA competitions.

This new transaction forms part of the Espai Barça financing structure approved in 2023, with a total value of €1.485 billion, and maintains the same guarantee framework and solvency ratios. In recent years, the Club has refinanced more than €500 million with the aim of smoothing its debt service profile, and this new financing strengthens its debt reserve while covering the remaining funding required to complete the project.

The impact of the delay and the return to Spotify Camp Nou

The delay in the carrying out of the works has also had a financial impact on the Club, both due to the postponement of the revenues expected from the return to the new stadium and because of the costs associated with remaining at Montjuïc. During the two seasons played at the Estadi Olímpic Lluís Companys, the Club incurred nearly €17 million in operating expenses and €24 million in investments related to this period.

With the completion of the Espai Barça project and the definitive return to Spotify Camp Nou, the Club expects a substantial increase in its revenue-generating capacity. Projections forecast revenues exceeding €1.45 billion and EBITDA surpassing €370 million in the 2030/31 season, compared with the projected €1.06 billion in revenues and €184 million in EBITDA for the 2025/26 season.