One of the largest stadium financings in European sport, repaid from future revenue.
What happened
Barcelona's board was authorised to borrow up to €1.5bn for the Espai Barça redevelopment, and Goldman Sachs and JP Morgan helped arrange a €1.45bn package in 2023. The club later put the total at €1.478bn. In 2025 it agreed a €424m refinancing of part of that debt, with Goldman Sachs.
How it was structured
Reports describe repayment as linked to income from the redeveloped site, rather than a mortgage over the stadium. The later issue extended the repayment profile of part of the debt.
Our review
When repayment relies on revenue from a stadium still being built, completion timing is the central risk. The return to the market about two years later shows that these structures are managed actively over their life.
Sources
- FC Barcelona: financing
- FC Barcelona: April 2023
- FC Barcelona: June 2025
- Inside World Football
- DLA Piper
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.