September 17 – Barcelona will ask members to approve a further €510 million financing package this weekend as delays to the Camp Nou redevelopment have left the club paying for a stadium which is still some way short of generating the revenues expected from it.
Barça want €300 million of new financing for Espai Barça through private-placement notes carrying a fixed rate over 30 years. Members will also vote on a €210 million Media Notes programme secured against additional audiovisual rights, although half of that – €105 million – was already placed during the summer.
The club says the extra Espai Barça financing is needed due to delays to the redevelopment rather than another increase in the construction budget for the still-unfinished project.
The club is already carrying the cost of the most ambitious stadium project in Europe while thousands of seats, hospitality areas and other commercial spaces are unavailable to recoup said funds.
The original Espai Barça funding was built around the idea that the completed stadium would largely pay for itself. Barcelona raised €1.45 billion from 20 investors in 2023, with repayments ultimately supported by the additional income generated by the rebuilt Camp Nou. At the time, the club forecast around €247 million a year in extra stadium-related revenue.
The financing structure has since grown to €1.478 billion, while Barcelona refinanced €424 million of the debt last year to push repayments further into the future.
Figures presented by the club this week put aggregate financial debt at around €2.68 billion, including roughly €1.8 billion connected to Espai Barça.
That is the uncomfortable side of what is otherwise a much healthier revenue picture.
The club generated a record €1.06 billion in 2025/26, breaking the €1 billion mark for the first time. The ordinary result was close to break-even, although extraordinary items and tax left the club with an €18 million net loss.
For this season, the budget jumps again to €1.195 billion, with sporting wages expected to rise from €571 million to €636 million – around 53% of projected income.
The longer-term numbers are more ambitious still. Barcelona are working towards annual revenue of around €1.45 billion by 2030/31 with the finished Camp Nou doing much of the heavy lifting.
A fully operational stadium is expected to generate around €420 million annually once all of its hospitality, ticketing, catering, sponsorship and other commercial inventory is available.
That approach can also be seen elsewhere on Saturday’s General Assembly agenda. Members will vote on agreements with UAE developer Ohana and family entertainment operator Babylon Park, both designed to squeeze more revenue from the Barca brand and the redeveloped stadium.
Contact the writer of this story, Harry Ewing, at harry.ewing@insideworldfootball.com