Barcelona are heading back to the bond market with a fresh issue worth 210 million euros, a move that lays bare the financial strain of the Camp Nou redevelopment. The board will seek approval for the step at the ordinary general assembly.
According to the club's statement, the measure has become necessary because of a timing gap in its cash flows. Repayments on the financial costs tied to the "Espai Barça" project have begun before the Spotify Camp Nou is fully operational and generating its expected revenues.
Spanish newspaper "Mundo Deportivo" report that this new issue adds to the package of bonds the club put out in 2021 and 2024, known as the media bonds.
Half of the new issue, worth 105 million euros, was already placed in July 2026 at an interest rate of 5.14% amid strong investor demand. The club plans to complete the second tranche in October or November.
What sets these bonds apart is their priority of repayment over television broadcasting revenues. That makes them a first-class guarantee on the account holding those revenues, and gives them serious appeal to investors.
Barcelona also spelled out the repayment mechanism. The media bonds are repaid partly over several years from the sixth year onwards, and partly on maturity of the loan after ten years. This brings the average cost of the debt issued across 2021, 2024 and 2026 to 3.36%.
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Goldman Sachs are arranging the deal, which will close with long-term institutional investors. The club also expects to refinance the October 2026 and October 2027 maturities, each worth around 30 million euros, as part of a wider debt restructuring aimed at securing the stability of the biggest project in its history.