Barcelona is looking for $342 million to finish stadium renovations following delays.

FC Barcelona is in discussions with potential investors to gauge their interest in a private debt offering to finalize the renovation of the Spotify Camp Nou stadium, a project that has been delayed for several years.

The Spanish soccer team is in talks with investors about selling €300 million (US$ 342 million) worth of investment-grade securities in three tranches, with maturities of up to 30 years, as reported by sources familiar with the matter.

Goldman Sachs is organizing the transaction, according to sources who requested anonymity due to the confidentiality of the information.

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The debt is included in a €510 million (US$581 million) funding package that was recently approved by FC Barcelona’s delegated members to finish the project.

The package will assist in addressing extra expenses resulting from delays and project expansions, such as new VIP and hospitality sections, enhanced museum space, and upgrades in 5G connectivity, as stated by the club.

The new debt is expected to be arranged between October and November, following strong interest from investors during an Investor Day event last week, as reported by sources familiar with the matter.

Spokespersons from FC Barcelona and Goldman Sachs declined to provide a comment.

FC Barcelona experienced a decrease in revenue over the past three seasons due to having to play in a smaller stadium with challenging access while renovations were being carried out at their original venue.

The club secured €1.45 billion (US$1.65 billion) in loans to finance the Spai Barça initiative, aimed at increasing the stadium’s capacity to approximately 105,000 from the current more than 99,000. The project will also include new areas for additional sports like basketball and handball, a fresh museum, a new store, and other amenities.

The football club has been playing at the Estadi Olímpic Lluís Companys in Montjuïc, which has approximately half the capacity of Camp Nou, and at a temporary Camp Nou with around 63,000 seats during the ongoing renovation. They will return to Montjuïc for the first part of the 2027/28 season until the renovation is finished.

Rising expenses

The club members approved €210 million (US$239 million) in fixed-rate securities tied to future La Liga and UEFA broadcast revenues, referred to as media notes. Half of the securities were sold in July with a maturity of up to 10 years and a bullet structure where the principal is paid only at maturity.

The €300 million notes for the stadium will be included in the securitization vehicle used by the club to finance the Espai Barça project. Lenders have agreed to postpone interest payments on the initial debt until 2026, the expected completion date of the stadium works.

The new notes are expected to be more expensive than the ones issued in July, with interest rates ranging from 5.75% to 6%, according to sources.

The club aims to boost its earnings with the Espai Barça project. Upon the team’s return to the revamped Camp Nou, revenue for the 2030/31 season is projected to surpass €1.45 billion (around R$8.5 billion), with an Ebitda of over €370 million (approximately R$2.17 billion).

The forecast for the 2025/26 season shows anticipated earnings of €1.06 billion and Ebitda of €184 million.