Barcelona seek €210m bond issue to support Spotify Camp Nou redevelopment

Barcelona are returning to the bond market with a new €210m issue to help finance the redevelopment of Spotify Camp Nou, as the club faces a gap between the costs of the Espai Barca project and the stadium’s full return to operation.

The board will ask members to approve the plan at the club’s ordinary general meeting. Barcelona said the additional borrowing had become necessary because financial payments linked to the project have started before the rebuilt stadium is fully operational and generating its expected revenues.

The proposed issue will add to bonds sold by Barcelona in 2021 and 2024, which are known as media bonds. According to Spanish newspaper Mundo Deportivo, the latest fundraising will be completed in two stages.

Half of the new issue, worth €105m, was already placed in July 2026. It carried an interest rate of 5.14% and attracted strong demand from investors. Barcelona plans to offer the remaining €105m in October or November.

The media bonds have priority over the club’s television broadcasting income. That gives investors first-ranking security over the account into which those revenues are deposited and is intended to make the debt attractive to institutional lenders.

Barcelona will repay the bonds using a combination of scheduled payments and a final settlement. Part of the debt will be paid over a number of years from the sixth year, while the remainder will be repaid when the loan reaches its 10-year maturity.

Taking together the debt issued in 2021, 2024 and 2026, the average cost of the financing is expected to be 3.36%.

Goldman Sachs is arranging the transaction, which will be completed with long-term institutional investors. Barcelona is also expected to refinance maturities due in October 2026 and October 2027, each worth about €30m, as part of a wider restructuring of its debt.

The refinancing plan is designed to provide greater stability for Espai Barca, the biggest project in the club’s history, while work on Spotify Camp Nou continues and the stadium’s projected income has yet to be fully realised.

The new proposal follows a further report by Mundo Deportivo journalist Jordi Batalla, who wrote that Barcelona were preparing additional funding to cover Espai Barca costs while the stadium redevelopment remains incomplete.

The accompanying summary stated:

“💰 BARCA PLAN FURTHER 210M BOND FOR CAMP NOU WORKS: According to Jordi Batalla via@mundodeportivo, Barca are lining up fresh cash to cover Espai Barca costs while the Spotify Camp Nou rebuild is still incomplete:🏟️ 210M euro total bond…”

The subject has also been highlighted for further discussion in the Kooora forums.