FC Barcelona is asking delegate members to approve an additional credit line of up to 300 million euros to complete the renovation of the Spotify Camp Nou, according to club documents prepared for the upcoming General Assembly. The requested funding represents an expansion beyond the initial 1.500 billion euros financing structure secured for the Espai Barça project, according to reporting by Crónica Global.
Financing Expansion and Debt Structure
According to FC Barcelona, the entity has already utilized virtually all of the 1.450 billion euros in fixed capital plus 50 additional millions granted by Goldman Sachs and a group of 20 investors in April 2023. The new 300 million euro request will require authorization from an extraordinary assembly, according to financial disclosures analyzed by credit rating agency Morningstar DBRS.
Morningstar DBRS maintained the club’s BBB investment-grade rating with a stable outlook, noting a revision from positive due to the upcoming debt operations, which also include two bond issuances totaling 210 million euros for liquidity and player acquisitions. Without interest, the total capital to be repaid for the stadium financing will reach 1.800 billion euros, combining 1.495 billion euros drawn from the initial credit with the pending 300 million euros.
Interest Rates and Refinancing Timeline
The average cost of the club’s debt currently sits at the 6,15 %, following several refinancing operations designed to distribute repayments more linearly without increasing the total principal, according to club statements. The initial financing carried a cost of 5,53 % with spreads ranging between 256 and 446 basis points.
According to financial documents, Goldman Sachs will structure the new operation with long-term institutional investors. The repayment structure spans up to 30 years through an Asset Securitization Fund, which acquires specific income rights related to the exploitation of the Spotify Camp Nou. Until construction finishes and specific financial ratios are met, baseline revenues will be directed primarily toward servicing the debt, with any surplus returned to the club.
Impact on Cash Flow and Repayment Terms
The additional debt will slow the club’s projected deleveraging process and reduce available cash flow due to capital repayments and interest payments, according to Morningstar DBRS assessments. The debt structure includes 708,2 million euros in refinancable tranches, comprising 208 million euros expiring in 2028 and 500,2 million euros expiring between 2029 and 2032. An additional 786,8 million euros matures between 2033 and 2050 and is not subject to renegotiation.
Club projections indicate that once fully operational, the renovated stadium should generate 400 million euros annually, with 94 million euros allocated directly to the Securitization Fund for debt service. The club recently settled the first five million euros of the principal on June 30 as part of a 49,5 million euro payment that also covered 44,5 million euros in interest.
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