A windfall of millions that will have to wait.

BarcelonaBarring any unforeseen circumstances, Barça will receive the first occupancy license this week to open the Camp Nou side stadium. This permit (1b), in addition to what He already obtained the funds to reopen the south stand and goal (1a)This means authorizing 45,000 people to attend matches at the stadium, which will now combine construction work with games. This is less than half of the 105,000 seats the stadium will have once completed, although the board assures that this is already enough to make the numbers work. The club will struggle to prepare all the logistics in time for Athletic Club's visit on Saturday the 22nd, but will be ready for the Barça-Alabès match on the 29th, which will coincide with the club's 126th anniversary. Experience shows that nothing can be guaranteed 100%, but the city council, which already has all the necessary documentation, maintains that things "look good."

With the asterisk of not knowing what will happen with the Champions League –UEFA must authorize Barça to change stadiums during the league phase–, the return to Camp Nou will mean saying goodbye to Montjuïc and being able to exploit the stadium's business opportunities, which have been projected from the beginning for multi VIP and the impressive number of tourists who visit Barcelona every year. In total, according to the report carried out by the company Legends, revenue will be around 350 million (346.5) when it is 100% operational, of which only 52 million (15%) will correspond to season tickets and parking rentals. "The rest should serve to avoid becoming a public limited company and for the members to maintain ownership of the club," the board points out, thinking with clients who have deep pockets. Provided, of course, that the numbers add up.

The Bernabéu, an example that Barça should take into account

The example of the Santiago Bernabéu is close and recent enough to alert everyone and make them realize that You can't sell the skin of the bone before you've hunted it.The fiasco of the parking and concerts, partially offset by events like the NFL game, demonstrates that everything projected in a PowerPoint It doesn't always turn out that way. At Barça, they're aware of this. That's why, on the day of the open training session at Camp Nou, without anyone directly asking him, President Joan Laporta explained that they had made "conservative projections" and had no doubt that the business model would be "higher" than the projected 350 million.

If it comes to fruition, the figure will be significantly higher than the 229 million that Barça earned in the last year they operated the stadium before the renovation. However, it's important to keep in mind that this money can't be used entirely, since, obviously, a significant portion will go towards repaying the 1.5 billion loan that Goldman Sachs and JP Morgan channeled through some twenty investment funds and other insurance companies. This money, in the form of interest, had already begun to be repaid even though the stadium was still upside down.

Camp Nou is preparing to be operational soon, but the influx of millions won't be immediate. Capacity is still only at 50%, so it will take time to reach €350 million. Aside from the north stand, which won't be fully completed until Christmas, there are three projects that are taking a long time: the double-layered fish market. VIP, the 40,000 seats in the third tier and the tours inside the stadium. If all goes well, tickets could go on sale at the beginning of next season. That is, as the president reiterates, provided there are no "unforeseen circumstances" like those that delayed the stadium's reopening by a year. The construction company had recommended extending Lluís Companys' stay to allow for more comfortable and faster work, without having to juggle construction and matches, but the board justified the urgency of returning home immediately with financial figures. And here, as in so many other places, whoever pays the piper calls the tune.

Returning to Camp Nou is worthwhile, even with fewer spectators.

Montjuïc holds over 50,000 spectators, but Camp Nou will initially have a capacity of 45,000. However, "it's worth it to come back home," say the board. As ARA explained, it represents a saving of the €900,000 per month the club paid on average to BSM for using Lluís Companys stadium, in addition to the €190,000 per match paid to the City Council for all the security measures and public transport reinforcements. There may be fewer seats available, yes, but also lower expenses. In the first year at Montjuïc, revenue dropped from €229 million at Camp Nou to €126 million. The second year, thanks to a change in ticket sales policy, it reached €175 million. And for this year, considering that matches start at Montjuïc and finish in the Les Corts district, It must be 225 million

The 26-27 season will be a transitional one. Revenue will increase, but the business won't be fully operational yet. If everything goes according to plan, it will begin with the third tier of seating already in place and the VIP boxes. VIP At full capacity (105,000 total spectators), workers will dedicate their time to the interior of the stadium. There will be no roof, and this may affect ticket sales—both in quantity and price. Once everyone is under cover, by the end of 2027, the club can expect to earn €74 million from ticket sales, based on the approximately 20,000 seats per match. The physical museum—currently, only the virtual one is operational—should be up and running by Easter 2026. However, it's important to note that stadium visits, a major attraction for visitors, will be subject to the construction work—they cannot be conducted while cranes are operating—so it's likely they will also be delayed until the end of 2027. The club's management is confident that revenue will be higher well into 2028. when it startsskywalk To contemplate the majesty of Camp Nou from a bird's-eye view.

Laporta's board will not raise season ticket prices (for now)

And what will happen with season tickets? It's one of the board's best-kept secrets. The Legends report makes it clear that the numbers add up without needing to raise them by more than 1% as a "loyalty" incentive. But the board believes that, with a renovated, fully covered stadium equipped with the latest technology, they have more than enough justification to adjust the price upwards. However, it's clearly a sensitive issue they prefer to avoid in the short term, especially with elections in 2026. This past September, when season tickets went on sale with the Camp Nou reopening on the horizon, a rough price adjustment was already made, bringing prices back to similar levels as in 2023 – albeit with fewer matches. For the moment, board sources are simply saying that "there will be no further increases beyond the CPI" until the stadium is completely finished. And then what? "We'll talk about it later."