Barcelona face €2.6bn debt warning despite perfect start to season

Barcelona’s strong start under Hansi Flick has been overshadowed by a fresh warning over the club’s finances, with total debt potentially rising above €2.6bn, according to an investigation by The Athletic published on Tuesday.

Barcelona have won their opening seven La Liga matches and have made an impressive start in the Champions League, thrashing Feyenoord 5-1. Raphinha has been particularly influential, scoring 12 league goals so far.

However, the club’s financial difficulties continue to grow, despite the progress on the pitch. Barcelona have spent several years using financial measures to create greater flexibility, including selling assets and a share of future revenue.

At the centre of the situation is Espai Barca, the major project to redevelop Camp Nou and its surrounding infrastructure. Construction began in May 2023, but repeated delays have significantly disrupted the club’s plans.

After spending two seasons at Montjuic, Barcelona are due to begin a gradual return to Camp Nou from November 2025. They are then expected to leave the stadium again during the 2027-28 season to allow the roof to be installed.

That final phase is expected to have further financial consequences, while the overall cost of the project has already increased substantially.

Additional borrowing approved

The Athletic reports that Barcelona have recently received permission to borrow an additional €510m. Of that amount, €300m will be used to complete the redevelopment of Camp Nou, while €210m will cover the club’s operating needs.

The move takes the total budget for Espai Barca to €1.8bn – three times the amount initially approved in 2014.

The new investment comes as Barcelona continues to deal with the financial impact of construction delays. The club estimates it has already incurred an extra €17m in operating costs and €24m in investments linked to the delay.

It has also lost part of the revenue that would have been generated if Camp Nou had been operating at full capacity.

Calculations by The Athletic suggest Barcelona’s total debt could exceed €2.6bn, depending on the repayment schedules. Some of that borrowing is directly linked to the redevelopment of Camp Nou and will be repaid through the stadium’s expected future income.

The additional €210m is tied to the club’s cash-flow requirements and will be secured against future television revenue. That operating debt is viewed as a greater concern because it is not directly financing an asset intended to generate new income.

Barcelona paid €91m in interest during the 2025-26 season. The first tranche of the new borrowing, worth €105m, carries a fixed interest rate of 5.14%.

Funding for the Palau Blaugrana, estimated to cost €420m, is also still incomplete. Barcelona have additionally sold 25% of their La Liga television revenue to private equity firm Sixth Street.

Camp Nou is expected to reach its full capacity of 105,000 seats for the 2028-29 season, but the financial cost of reaching that stage is expected to be considerable.