According to Sport, The Athletic, a sports platform owned by The New York Times, analyzed Barcelona's financial situation based on the club's financial report for 2025/26.

The analysis reveals a reality difficult to summarize in a single figure. Barcelona's revenue last season reached €1,020.5 million, making it the second club in football history, after Real Madrid, to surpass the €1 billion threshold. However, the club recorded a post-tax loss of €17.8 million.

Most striking are the debt figures. As of June 30, 2026, Barcelona's total financial debt stood at €1,840.3 million, compared to €1,450.5 million in the previous fiscal year. This represents a debt increase of approximately 27% in just 12 months.

And this figure will continue to rise. Since the end of the fiscal year, Barcelona has issued an additional €105 million in 10-year debt, already approaching the €2 billion mark. The Athletic believes the club will exceed this figure in the 2026/27 season.

There is one crucial detail. More than €1.2 billion of the debt is linked to Espai Barça, an infrastructure investment project from which the club expects to recoup costs through revenues from the new Camp Nou stadium. Barcelona expects the project to generate approximately €250 million in additional revenue per season once completed.

The problem lies in the construction timeline. Project delays and financing repayments are already creating pressure. In the last fiscal year alone, Barcelona paid over €90 million in interest.

Furthermore, the project budget indicates that approximately €300 million in additional financing is still needed to complete it. The club also faces several significant debt maturities ahead: approximately €149 million in the 2026/27 season, approximately €346 million in the 2027/28 season, and approximately €366 million in the 2029/30 season.

The Athletic uses Anthony Gordon's transfer as an example to illustrate the cash flow pressure Barcelona faces. Barcelona was originally due to pay Newcastle United the first installment of €22.3 million for this transfer, but ultimately settled this payment through a bank loan.

Newcastle United received the money, but Barcelona had to incur debt to make the initial payment, further increasing the final cost of the deal due to interest. The club explained to the media that these operations are normal cash flow management, simply affected by delays in the stadium project.

Short-term pressure is also evident. Barcelona has €905 million in commitments maturing in the 2026/27 season, while liquid assets total only €529 million, resulting in negative working capital of €376 million.

The analysis also notes that wage bill growth is significant. Barcelona's salary expenditure last season reached €573.7 million, a 12% increase from the previous season.

The budget for the 2026/27 season will be even higher. The club's total salary budget is €648.9 million, which will set a new Barcelona record and put the club at a level reached by only a handful of European teams.

Not all news is bad. Barcelona's commercial revenues have increased to €564.1 million, and Barcelona Licensing & Merchandising (BLM) revenues have reached €189.5 million. Additionally, Barcelona's gradual return to Camp Nou has begun to generate some stadium-related revenues again, particularly from VIP areas.

The Athletic's assessment is not that Barcelona is on the brink of collapse, but rather that the club remains on a very fragile financial line. Barcelona's annual revenue exceeds €1 billion; however, it continues to operate at a loss. It has one of the highest revenues in world football, yet its debt is also approaching €2 billion.

Therefore, Barcelona's economic outlook depends heavily on three factors: completing Espai Barça as soon as possible, increasing revenues generated by the new Camp Nou, and refinancing the debt and accumulating interest.

This is a true economic paradox: Barcelona has never earned so much money, yet to continue competing among Europe's elite clubs, it has never needed to manage such enormous figures.

Traducido por IA.

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