In parallel to the operation to finish the works on the new Camp Nou, Barça is working on two bond issuances for a total of 210 million euros against future television rights. This new debt, which Morningstar discusses in its report, will be used to face the transfer market with guarantees and in anticipation that there will be problems with financial fair play in future FIFA windows.Current normality should be taken advantage of, but since Barça's treasury is under strain, resources must be found from financial institutions. The reason for this strain lies in the difficulties in exploiting the new Camp Nou as planned on the calendar. Delays in the works are causing lower-than-projected income. Sources consulted by ARA assure that 105 M€ will first be raised in July and that, if necessary, another 105 M€ will be obtained by November. By dividing the need, interest is saved and the operation is avoided having to be approved at the assembly this month. In the event of obtaining the second 105 million, the member would have to give the green light, as the total capital would exceed 10% of the club's budget.
Barça paves the way to finish the Camp Nou works
The Barça club maintains its credit rating before asking members for permission to incur more debt
BarcelonaThe intense heatwave crushing Barcelona these days FC Barcelona does not stop the works on the Camp Nou. The tasks these summer days are concentrated on the third tier, built from scratch during recent months, and also on the structure that will support the stadium's roof. It is planned (and assumed, hence the improvement of the fair play of the League) that this third ring reopens in phases during the next season and raises the stadium's capacity to over 100,000 spectators. If the schedule is respected, the installation of the roof will begin next summer, will extend for a minimum of four months and, therefore, will require another exile of the Barça men's first team to Montjuïc, which is the only space with enough capacity to cover the needs of a club that bases a good part of its business model on the exploitation of the ticketing.
But for the medium and long-term economic and asset forecasts to be met, Barça needs more short-term financing. As this newspaper reported at the beginning of June, the board chaired by Joan Laporta will request permission from the members to ask for more money to finish the Camp Nou works. There is a lack of liquidity to complete the total renovation of the stadium after the 1.45 billion euros raised in 2023 through Goldman Sachs were not enough. The shortfall exceeds 350 million, not taking into account the Palau Blaugrana, which still does not have a definitive project and was excluded from the first credit operation. Sources close to Barça assure ARA that an extraordinary assembly is planned to discuss the Espai Barça above all else. The date is not yet set, but the calendar for the end of August is being studied to coincide with a home league match. The most likely option, therefore, is the Barça-Rayo match scheduled for the last weekend of that month.
In the absence of more concrete details about this very important vote, this week the international agency Morningstar DBRS has confirmed the BBB credit rating of the Barça club. This is very well-received news at the Arístides Maillol offices, although the rating outlook drops from positive to stable. Morningstar considers that Barça's increased debt due to the final phase of the Camp Nou works is "temporary" and makes an optimistic forecast from 2028 onwards, when the new stadium is expected to operate at full capacity and guarantee a sustained increase in revenue. The rating agency founded in Canada also applauds the Barça club's commercial positioning (record sales of shirts and official products, and sponsorships) and the competitiveness of its professional teams.
Real Madrid does not have a public credit rating
Maintaining the BBB rating paves the way for Laporta to obtain more financing to complete the new Camp Nou. It is the second lowest credit rating considered investment grade. Above it are the ratings BBB+, A-, A, A+, AA-, AA, AA+, and AAA, the latter being the best of all. Below BBB are the speculative grade ratings (from worst to best): D, C-, C, C+, CC-, CC, CC+, CCC-, CCC, CCC+, B-, B, B+, BB-, BB, and BB+. For example, the rating for the Spanish state is A, while that for Italy, Greece, or Hungary is BBB. Among football clubs, not many expose themselves to public rating. That Barça does so is a sign of transparency for the arrival of investors and to obtain financial products under the best conditions. It will now need a minimum of 300 million more to finish the stadium. It should be remembered that three years ago it closed the operation with Goldman Sachs with a BBB rating and an average interest of 5.5%.