To complete the Camp Nou renovation project, additional financing will be required.

The financial progress of the Camp Nou renovation project continues to attract close market attention. According to the latest financial data filed with Spain's National Securities Market Commission (CNMV), as of the end of the first half of 2026, the Espai Barça securitized asset fund established by Goldman Sachs with capital from multiple investors has invested €1,162.89 million in the project. However, to date, only approximately half of the work has been completed.

The stadium has opened two of the newly renovated sections, but the third section still needs to be constructed entirely. The stadium roof has not yet been installed in full, which means that at the start of the new season, FC Barcelona will need to relocate to Montjuïc temporarily. Another key component of the new Camp Nou project, the new Palau Blaugrana, has seen no new progress since the club released its preliminary designs ahead of elections in March.

Compared to the previous update on December 31, the cumulative investment in the project of €1,163 million has increased by €153.6 million, demonstrating steady capital expenditure as the project progresses. This same update, published online freely, also shows that the fund's available liquidity has decreased from €240.03 million in December 2025 to €141.2 million, a decline of nearly €100 million.

The reason the decrease does not equal the full €153.6 million investment is primarily because the fund avoided depleting cash by making a temporary withdrawal of €74.4 million. Thus, the fund spent €153.6 million on construction work, while available cash decreased by only €988,200. These payments will be made in installments upon completion and certification of the relevant work.

As of June 30, the Espai Barça fund holds €141.2 million, but the project remains incomplete. However, the total project cost is significantly higher because investors do not release all committed capital at once, but rather disburse it gradually as work is certified and completed. FC Barcelona therefore must use its regular budget to fill the financing gap to prevent delays in the renovation. Ferran Olivé, Finance Director of President Laporta's board, acknowledged this in an interview with ARA.

After combining these two expenditure sources, the project deficit is approaching €400 million, and the club must urgently secure additional financing to complete the project. Camp Nou is a key asset that FC Barcelona hopes will generate revenue both now and in the future. An extraordinary general assembly is expected to be held late this month, where the club will seek member approval for an additional €500 million in debt, of which €210 million will be issued as bonds.

The new Camp Nou has already contributed €56 million in interest payments. It now appears that the €1,474 million raised through the securitized asset fund since 2023 will not be sufficient to complete the stadium. The first issuance in late May 2023 injected €987 million, followed by additional capital of €424 million and subordinated debt of €84 million.

Total funding is approaching €1,500 million, with €1,163 million used for certified operational payments, representing 78.9% of total funds; €141.2 million remaining in the account, representing 9.6%; €42.49 million held in other assets and receivables, representing 2.9%; and €127.52 million used for interest payments, fees, exchange rate differences, and startup costs, representing 8.6%. As of mid-2026, Espai Barça's debt and asset structure aligns precisely with the proportions described above.

CNMV documents also show that the fund's debt performance is normal. As of the end of June 2026, the delinquency rate, doubtful asset rate, and total non-performing debt rate are all 0%, indicating that FC Barcelona is strictly adhering to its debt repayment plan. Liquidity is continuously converted into project expenditures, while revenue generated from the securitized assets, which the fund records as receivables related to future stadium operations, will be used to cover expenses on issued debt.

The fund has already collected €55.93 million in such asset revenue from the club, exceeding the €45.52 million in interest paid during the same period, meaning that since its reopening, Camp Nou has contributed nearly €56 million toward debt interest payments. However, regarding principal repayment, the club has not yet repaid a single euro.

แปลโดย AI

เว็บไซต์ AF เปิดตัวแล้ว! ดูข่าว ความคิดเห็น รายละเอียดแมตช์ และสถิติครบถ้วนบนคอมพิวเตอร์ของคุณ เยี่ยมชม: www.allfootballapp.com