The 2026 Ordinary General Assembly of the delegate members approved a new €510 million financing package to complete the Spotify Camp Nou Stadium in Barcelona (Spain) and cover the economic impact caused by delays in the execution of the project.
Two Components
‘fcbarcelona.com’ stated that the operation is structured in two components. The first consists of €300 million earmarked for completing construction work at the Spotify Camp Nou, a proposal that was approved with 562 votes in favor (89 percent), 45 against (seven percent), 14 blank votes (two percent), and 14 abstentions (two percent). The second component consists of €210 million raised through two Media Notes issuances backed by the club’s audiovisual revenues. This measure was approved with 486 votes in favor (85 percent), 55 against (nine percent), 28 blank votes (five percent), and five abstentions (one percent).
Financial Mechanism
In relation to the Spotify Camp Nou redevelopment project a Media Notes issuance is a specific financial mechanism utilized by the LaLiga team FC Barcelona to raise debt capital secured against its future broadcasting revenues.
The Camp Nou, officially the Spotify Camp Nou for sponsorship reasons, and often referred to in English as the Nou Camp, is a stadium in Barcelona (Spain) and the home of the LaLiga club FC Barcelona since its opening in 1957. It is currently undergoing renovation and with a planned increased seating capacity of 105,000 it will retain its position as the largest stadium in terms of seating capacity in Spain and Europe as well as the second- largest association football stadium while becoming the fifth-largest overall stadium in the world.
The Spotify Camp Nou redevelopment project is a massive €2 billion Espai Barça modernization plan to transform the iconic venue into the largest, most innovative sports and entertainment complex in Europe with a capacity of 105,000 seats.
Price Tag
‘fcbarcelona.com’ further stated that the €300 million financing will enable the completion of the Spotify Camp Nou, a project whose scope has expanded significantly beyond the original plans through the addition of new facilities, services and technological solutions.
Heritage Value
One of the most important developments has been the structural reinforcement of the second tier of the original Camp Nou Stadium designed by Francesc Mitjans (a celebrated Spanish and Catalan Architect) and opened in 1957. To date, more than 3,000 reinforcement jobs have been carried out compared with the approximately 800 initially planned. This stand, which had to be preserved because of its heritage value and its status as a protected city landmark, has required far more work than originally anticipated. The full extent only became apparent as construction progressed.
VIP-Hospitality Areas
In addition, the project has been expanded to include new VIP and hospitality areas, increased space for the museum, the enhanced 5G connectivity solutions, and advanced building management systems.
Project Cost Increase
This broader project scope, together with the regulatory developments, the complexity of the opening sections of the stadium in phases, and the extension of the construction timetable explains the increase in the overall project cost.
Media Notes Issuances
The remaining €210 million will be raised through two Media Notes issuances of €105 million each. The first was issued in July 2026 while the second is scheduled for October or November 2026. Both issuances have maturities of up to 10 years, carry the fixed interest rates and are secured against the future audiovisual revenues generated from LaLiga (the top professional men’s association football division in the Spanish football league system) and the Union of European Football Associations (UEFA) competitions.
Nyon (Switzerland)-based the Union of European Football Associations (UEFA) is the governing body of football in Europe and one of FIFA’s six continental confederations for association football consisting of 55 national associations.
Financing Structure
This new transaction forms part of the Espai Barça financing structure approved in 2023 with a total value of €1.485 billion and maintains the same guarantee framework and solvency ratios. In recent years, the club has refinanced more than €500 million with the aim of smoothing its debt service profile and this new financing strengthens its debt reserve while covering the remaining funding required to complete the project.
Operating Expenses
The delay in carrying out the works has also had a financial impact on FC Barcelona as there was impediment in the revenue flow as the return to the revamped Spotify Camp Nou also got delayed combined with the costs associated with the team playing at the Estadi Olímpic Lluís Companys. During the two seasons played at the Estadi Olímpic Lluís Companys the FC Barcelona incurred nearly €17 million in operating expenses and €24 million in investments related to this period.
The FC Barcelona plays its home matches at the partially reopened Spotify Camp Nou and the 55,926-seat Estadi Olímpic Lluís Companys in Barcelona, Spain, depending on the ongoing construction.
Revenue-generating Capacity
Once the Espai Barça project is over and the definitive return to Spotify Camp Nou the FC Barcelona expects a substantial increase in its revenue-generating capacity. Projections forecast revenues exceeding €1.45 billion and the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surpassing €370 million in the 2030-2031 seasons compared with the projected €1.06 billion in revenues and €184 million in EBITDA for the 2025-2026 seasons.
Espai Barça
The Espai Barça is a massive transformation and redevelopment project by FC Barcelona to modernize, expand and integrate all the club’s sporting facilities and assets.
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