Barcelona’s general assembly has approved a new €510 million financing package to complete the redevelopment of Spotify Camp Nou and offset the financial impact caused by delays to the project.

The financing operation is divided into two components:

• €300 million to complete the stadium construction works, a proposal approved with 562 votes in favour (89%), 45 against (7%), 14 blank votes (2%) and 14 abstentions (2%).
• The remaining €210 million will be raised through two note issuances, backed by the club’s audiovisual revenues. The measure was approved with 486 votes in favour (85%), 55 against (9%), 28 blank votes (5%) and five abstentions (1%).

€300 million to complete the project

The €300 million financing will allow Barcelona to complete the Camp Nou project, whose scope has expanded significantly beyond the original plans with the addition of new facilities, services and technological solutions.

The Catalan club highlighted the structural reinforcement of the second tier of the original stadium, designed by Francesc Mitjans and inaugurated in 1957.

More than 3,000 reinforcement points have been completed to date, compared with around 800 initially planned. Barcelona said the stand, which had to be preserved because of its historical value and protected heritage status in the city, required significantly more work than originally anticipated.

In addition, new VIP and hospitality areas have been added to the project, while the museum space has been expanded and 5G coverage strengthened.

“The expansion of the project’s scope, together with regulatory changes, the complexity of the gradual opening of stadium sections and the extension of the construction schedule, explain the increase in the project’s total cost,” Barcelona said.

Audiovisual rights back note issuances

Of the €210 million to be raised through the note issuances, the first €105 million tranche was issued in July 2026, with a second issuance expected in October or November.

The notes have maturities of up to 10 years and carry fixed interest rates. They are backed by future audiovisual revenues generated by La Liga and UEFA competitions.

The transaction forms part of the Espai Barça financing structure approved in 2023, with a total value of €1.485 billion. Barcelona said it will maintain the existing guarantee structure and solvency ratios.

Return to Camp Nou set to boost revenues

Barcelona is also assessing the financial impact of its return to the iconic Camp Nou and the cost of delays to the project.

During the two seasons played at the Estadi Olímpic Lluís Companys, the club incurred almost €17 million in operating expenses and €24 million in investments related to the temporary move.

With the completion of the Espai Barça project and the permanent return to Spotify Camp Nou, the club expects a substantial increase in its revenue-generating capacity.

Projections point to revenue of more than €1.45 billion and EBITDA above €370 million in the 2030/31 season, compared with projected revenue of €1.06 billion and EBITDA of €184 million for the 2025/26 season.