Barcelona seek €300m debt placement to complete Camp Nou
Barcelona are sounding out investors for a €300m private debt placement to finish the Spotify Camp Nou redevelopment, after members approved a wider €510m financing package to cover construction and the effects of delays.
FC Barcelona are discussing a €300m private debt placement with investors to complete the Spotify Camp Nou redevelopment, turning to additional borrowing after construction delays and an expanded project increased the funding needed to finish the stadium.The proposed investment-grade bonds would be issued in three tranches with maturities of up to 30 years, according to people familiar with the talks, with Goldman Sachs arranging the transaction. The placement is expected between October and November, although the club has not announced that the bonds have been sold.Barcelona’s delegate members approved the €300m stadium financing on September 19 as part of a €510m package. They also authorised €210m of fixed-rate media notes backed by future La Liga and UEFA broadcast income, comprising a €105m issue completed in July and a second planned for October or November.The club says the stadium borrowing will pay for the remaining construction work after the scope of the redevelopment grew. Additional work includes reinforcing the original stadium’s second tier, alongside new VIP and hospitality areas, more museum space, improved 5G connectivity and building management systems.Barcelona said more than 3,000 reinforcement jobs had been carried out on the protected second tier, compared with around 800 originally planned. Regulatory requirements, the phased reopening of the ground and the longer construction timetable have also contributed to the increase in project costs.The new stadium debt would sit within the financing structure established for Espai Barça in 2023. Barcelona have also refinanced more than €500m of existing debt in recent years to spread repayments over a longer period, making the cost and maturity of any new borrowing significant to the club’s finances.The delay has affected income as well as construction spending, with Barcelona unable to use their home ground at full capacity while work continues. The club says its two seasons at the Estadi Olímpic Lluís Companys resulted in nearly €17m of operating expenses and €24m of investment connected to the temporary move.Barcelona expect the completed Camp Nou to increase their ability to earn from matchdays, hospitality and other stadium activity, but those returns depend on finishing the project and opening its facilities fully. The proposed €300m placement is the next step in securing the funding members approved to complete that work.