For FC Barcelona, the biggest issue plaguing its finances lies in the stadium.
In the first week of April 2014, FC Barcelona members held a historic vote. Over 27,000 members (72% of those surveyed) approved the "New Espai Barça" project, which aimed to renovate and expand the club’s home ground, Camp Nou, and its surrounding facilities.
In addition to the revamped football stadium, a new arena (Palau Blaugrana) would be built, where Barcelona’s basketball, handball, hockey, and futsal teams would compete. All these projects, along with other developments in the surrounding area, were scheduled to be completed in four phases between May 2017 and March 2021. The total investment for the "New Espai Barça" project was set at €600 million, with funding split equally into three distinct sources: €200 million from the naming rights of the new Camp Nou, €200 million from the club’s positive operating cash flow, and €200 million from bank loans.
Nearly 12 years later, the project is still ongoing, but costs have skyrocketed dramatically. When Joan Laporta returned to the presidency in 2021, the initial €600 million budget was scrapped. At the time, the project had barely started, let alone been completed as planned. Only the 6,000-seat Johan Cruyff Stadium—home to the women’s team, reserves, and U19 youth squad—was finished.
Later that year, members voted again on the financing plan for the "Espai Barça" project, approving Laporta’s proposal with an even higher majority than the 2014 vote. The new approved spending cap for the project was €1.5 billion, 1.5 times the previously agreed budget, and the construction cost of Camp Nou more than doubled from the initial €420 million. The total cost of the new Palau Blaugrana and its supporting facilities would reach €420 million, far exceeding the previous €90 million. Even the funds allocated for urban planning in the area surged from €20 million to €100 million.
Four years on, the revised project is still behind schedule, with costs continuing to rise—in the 2022-23 season, Barcelona spent €106 million on the "Espai Barça" project, added another €322 million a year later, and invested a further €415 million last season. The completion date of the project remains uncertain. The renovated Camp Nou was originally planned to be largely finished before the start of this season, but Barcelona is still striving to reopen it, even with restricted capacity.
Returning to the club’s iconic stadium this year has proven extremely challenging. The first two home La Liga matches of the season had to be held at the smaller Johan Cruyff Stadium, after which Barcelona moved back to a temporary home— the venue that hosted the 1992 Olympic Games. Last week, the club announced that an open training session would be held at Camp Nou this Friday, allowing up to 23,000 fans to attend "as part of the stadium’s phased reopening plan."
These delays have exacerbated the club’s financial losses. The cost of the "Espai Barça" project is approximately €1 billion, not including the club’s lost revenue from relocating from Camp Nou. Even determining the exact debt figure is no easy task. A year ago, Barcelona’s total debt was announced as €1.81 billion, a number that was widely circulated. Two years ago, the figure stood at €1.62 billion. So why, with the rising costs of the Espai Barça project, is the latest number lower than both, at just €1.45 billion?
The answer lies in a change in accounting methods. The debt for the Espai Barça project is held by a securitization fund established in 2023 to finance the project. In short, the fund raises capital primarily through borrowing and then transfers the funds to the club for the construction of Espai Barça. In return, it will gradually repay these loans using the additional revenue generated by the renovated Camp Nou.
Previously, the fund was considered controlled by Barcelona, so its assets and liabilities were included in the club’s consolidated financial statements. However, the fund’s activities are not limited to providing funds to the club. At its inception, the securitization fund raised over €1 billion in loans, far exceeding Barcelona’s actual borrowing needs at the time.
As a result, Barcelona’s total debt last season included the entire borrowing of the securitization fund, regardless of whether the funds had been transferred to the club. This time, the new auditors determined that Barcelona does not actually control the fund, so its assets and liabilities should not be included in the club’s consolidated financial statements. Therefore, only the debt that Barcelona owes to the fund is currently counted. Since these debts are lower than the fund’s total borrowings, Barcelona’s total debt has decreased compared to the 2023-24 season accounts.
But in reality, Barcelona’s debt is still increasing. As the costs of the entire stadium project continue to rise until completion, it is expected that the fund’s full debt will eventually reappear on the club’s books. Although the club expects revenue to exceed €1 billion in the 2025-26 season, it faced difficulties with La Liga registration again this summer. In August, Laporta’s board borrowed €7 million using personal assets as collateral, enabling the registration of Marcus Rashford and new goalkeeper Joan García before the start of the new season.
Reopening Camp Nou as soon as possible and restoring full capacity is crucial. The debt is substantial, and while debt itself is not a bad thing, the club’s poor financial performance in the past has eroded confidence in the future. Approximately €424 million of Barcelona’s Espai Barça debt was recently refinanced at an average low interest rate of 5.19%, but this is still two percentage points higher than the 3.2% interest rate on Real Madrid’s stadium debt.
Such a huge debt will take decades to repay, and the higher interest rate will affect Barcelona’s ability to compete with Real Madrid. It is too early to assert that Barcelona has recovered from the low point of a few years ago. The delayed construction of Camp Nou is not a sign of smooth club operations; the current difficulties in complying with relevant regulations at home and abroad are equally worrying; short-term liabilities still far exceed assets; overall profitability remains elusive; and the club is still seeking other financing channels.
The previously canceled plan to hold a La Liga match between Barcelona and Villarreal in Miami, Florida, was largely driven by the substantial revenue the game would generate. However, Laporta’s bold strategy has worked in some respects. On the pitch, Barcelona has regained competitiveness and once again become entertaining to watch. Under the guidance of head coach Hansi Flick, they have a dynamic, young team with immense potential. The obvious lesson—as it was two decades ago—is that they should trust their youth academy more than splurging on signings.
