Football: FC Barcelona borrows more than a billion euros to renovate Camp Nou

Europe 1 with AFP / Photo credit: Alex Caparros / GETTY IMAGES EUROPE / Getty Images via AFP 19:44 p.m., April 24, 2023

FC Barcelona has completed its financing plan for the renovation of Camp Nou and will therefore borrow 1.45 billion euros to carry out the work in its stadium, which will begin on June 1, the Catalan club announced Monday night in a statement. In total, twenty investors will inject 1.45 billion euros, "a sum that covers the cost of the works of Espai Barça (the name of the Camp Nou renovation project and other infrastructure owned by FC Barcelona)," Barça said in its statement.

"FC Barcelona has completed the financing of Espai Barça as planned, (...) respecting the criteria approved by referendum, that is to say without committing the club's assets and without mortgaging the stadium," the Blaugrana club said.

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Green light for management

On December 19, 2021, 87.8% of the representatives of the members (42,693 of the 48,623 representatives, out of a total of more than 146,000 members), these supporters-shareholders, had given the green light to the management of president Joan Laporta for the club to initiate a financing procedure up to a maximum of 1.5 billion euros. For example, the plan included €900 million for the renovation of Camp Nou, €420 million for the Palau Blaugrana used for basketball and handball, and €20 million for the Johan Cruyff stadium where the reserve team (Barça B) and Barça women play.

The club negotiated this loan with investors of international status, such as Goldman Sachs, JP Morgan or Legends. "The loans span several stages, over 5, 7, 9, 20 and 24 years, with a flexible structure. The club will start repaying the operation once the work on the Spotify Camp Nou is completed, thanks to the revenue generated by the stadium, which is expected to be 247 million euros each year, Barça said.

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A total to be repaid to which will have to be added interest rates around 5 or 6% according to the Catalan sports newspaper Mundo Deportivo. According to specialized media, Barça hopes that the work will be completed in June 2026, in three years. In the meantime, the Catalan squad will play its home matches of the 2023-2024 season at the Lluís-Companys Stadium, the Olympic stadium located on Montjuïc Hill where the 1992 Games were held, and then plans to return to Camp Nou, with reduced capacity for the public, for the start of the 2024-2025 season.