Barcelona seeks another €510m as Camp Nou costs push debt higher
Barcelona members will be asked to approve another €510m of financing tied to the Camp Nou project, increasing the club’s overall debt burden as construction overruns and delayed stadium revenues put further pressure on an already stretched balance sheet.
Barcelona will ask members to approve €510m of additional financing linked to the Camp Nou redevelopment, adding another layer of debt to a project that is central to the club’s long-term commercial recovery.The package includes a €300m extension to the existing Espai Barça credit facility, which was originally agreed at €1.45bn, alongside a further €210m intended to ease liquidity pressure caused by delays in generating stadium-related income.If approved, Barcelona’s total liabilities could rise to as much as €2.68bn, with close to €1.8bn connected to the construction of the new stadium.The additional borrowing reflects both higher project costs and the slower-than-planned ramp-up of revenues from the redeveloped venue.Barcelona have attributed the cost increases to factors including the geopolitical environment, labour shortages and additional improvements that were not included in the original design.The financial case for the redevelopment remains heavily dependent on the stadium eventually delivering a significant increase in recurring revenue.Barcelona expect operating income of around €1.2bn this season, up €135m year on year, with Camp Nou revenue forecast to rise from about €225m to €285m as capacity and utilisation improve.The larger uplift is expected once the stadium is fully operational.Barcelona are targeting revenue of around €1.45bn by 2030-31, while EBITDA is projected to increase from €184m to €370m as the venue reaches full commercial capacity.The club expect the stadium to operate at around 95,000 seats from February 2028 before reaching its planned 105,000 capacity later that year, with the full VIP and premium hospitality offer expected to be available by the 2029-30 season.That timetable means Barcelona face several more years in which borrowing costs and construction obligations remain high before the stadium reaches its intended cash-generating potential.The pressure is compounded by negative equity, which has worsened from €153m to €168m.Barcelona need to improve that position by around 10% to avoid a potential €45m UEFA financial penalty and are considering further subordinated debt after using roughly €90m of that type of financing last season.The club’s strategy therefore remains a high-leverage bet on Camp Nou materially increasing revenue and cash generation.Members must now decide whether to authorise further borrowing to complete the stadium while accepting that a significant share of future Camp Nou income will continue to be used to service the financing behind the project.