Seven from seven, and still sweating
Seven LaLiga games, seven wins. Twelve league goals for Raphinha already. A 5-1 hammering of Feyenoord to open the Champions League campaign. Hansi Flick couldn’t have asked for much more on the pitch. The accounts are another story, and on Tuesday they were the talk of the club.
An investigation by The Athletic published today reveals that Barcelona’s members have just signed off on a further €510m of borrowing. How it breaks down matters. €300m goes into the Camp Nou rebuild. The other €210m is there to plug holes in day-to-day operations.
Stack all the loans together, factor in the repayment schedule, and the US outlet reckons Barça’s total debt could go beyond €2.6bn.
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Triple the original bill
The biggest culprit is Espai Barça. Signed off back in 2014, the stadium and infrastructure project is now priced at €1.8bn. That’s three times what was first budgeted.
Work began in May 2023. Barça spent two seasons camped out at Montjuïc before drifting back to the Camp Nou from November 2025. They’re not done moving either. The club will have to leave again in 2027-28 while the roof goes on, and the full 105,000 capacity isn’t expected until 2028-29.
Every delay costs money. Club officials estimate €17m in extra running costs and another €24m in investment tied to the move, and that’s before counting the revenue lost to a half-finished ground.
The €210m that worries people most
Some debt is easier to live with than others. The stadium loans are supposed to pay for themselves through future matchday and venue income. The €210m operational slice doesn’t build anything. It’s secured against future TV money, even though 25% of the club’s LaLiga broadcast revenue has already been sold off to Sixth Street.
Interest alone cost Barça €91m in 2025-26. The first €105m tranche of this new loan comes at 5.14%. And the Palau Blaugrana, a €420m project, still hasn’t been fully funded.
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