Spanish soccer club FC Barcelona completed a €300 million bond issue for Spotify Camp Nou, a major financing step for a stadium redevelopment whose delays have postponed expected revenue.
In its Nov. 13 announcement, Barcelona said Spain’s National Securities Market Commission (CNMV) approved the transaction and Goldman Sachs served as sole placement agent. The club did not disclose the bond’s coupon or maturity. It also gave no issue price, buyers or net proceeds.
Separately, in September, FC Barcelona’s delegate members approved a €510 million financing package. The plan allocated €300 million to construction and €210 million to two Media Notes backed by future audiovisual revenue. At the time, the club said one €105 million note had been issued in July, while the second was scheduled for October or November. The €300 million construction component passed 562-45, with 14 blank ballots and 14 abstentions; the €210 million Media Notes passed separately, 486 to 55, with 28 blank ballots and five abstentions.
Barcelona said second-tier reinforcement work involved more than 3,000 jobs, compared with roughly 800 in the original plan. It cited broader work scope, regulatory developments, phased openings and a longer construction schedule as factors behind higher costs.
The club said delays postponed income it expected from its renovated home. Across two seasons at Estadi Olímpic Lluís Companys, its temporary venue, Barcelona reported nearly €17 million in operating expenses and €24 million in investment outlays.
Barcelona has said full use of the renovated stadium should expand its capacity to generate revenue. The club described Spotify Camp Nou as the centerpiece of its Espai Barça project and said the new funding would support continued work on the development.
The Nov. 13 announcement did not give a completion date. Reuters reported full completion was expected in the 2028-29 season, after an original 2026 target. La Vanguardia reported in September that the club expected the stadium to reach its definitive capacity of 105,000 in 2028-29.
