Laporta knocks on investors' doors again to rescue Barcelona's grand project

€210 million guaranteed by television broadcasting

In a fresh step that underlines the scale of the financial pressure created by the Camp Nou redevelopment project, Barcelona have decided to return to the bond market by issuing a huge new tranche worth 210 million euros. The board will seek the approval of the ordinary general assembly for the move.

The club explained in its statement that the measure had become necessary due to the timing gap affecting its cash flows. Repayments on the financial costs linked to the "Espai Barça" project begin before the Spotify Camp Nou is fully operational and its anticipated revenues arrive.

According to Spanish newspaper "Mundo Deportivo", this new issuance adds to the existing bond package the club put out in 2021 and 2024, known as the media bonds.

Half the value of the new issuance, the equivalent of 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 placement of the remaining second tranche this October or November.

What sets these bonds apart is their repayment priority over television broadcast revenues. That makes them a first-rate guarantee on the account into which those revenues flow, giving them huge appeal to investors.

Barcelona also explained the repayment mechanism. The media bonds are repaid partially over several years starting from the sixth year, and partially on maturity of the loan after ten years, bringing the average cost of the debt issued between 2021, 2024 and 2026 to a rate of 3.36%.

Goldman Sachs is arranging the deal, which will be closed with long-term institutional investors. The club is also expected to refinance the October 2026 and October 2027 maturities, each amounting to around 30 million euros, as part of restructuring its debt to ensure the stability of the biggest project in its history.