FC Barcelona has secured €210 million in financing through the issuance of Senior Secured Media Notes. This financing strategy involves two equal tranches, with each worth €105 million. The first tranche is anticipated in July 2026, while the follow-up will occur in November 2026.
This financial maneuver aims to bolster the club's liquidity and working capital, especially given the delays associated with the ongoing redevelopment of the Spotify Camp Nou. This redevelopment forms part of the broader Espai Barça project. The new notes are secured by FC Barcelona’s media revenues, following a structure similar to past issuances by the club.
#How Are Ratings Agencies Responding?
On July 9, 2026, Morningstar DBRS confirmed FC Barcelona’s Issuer Rating and assigned a BBB rating to the Senior Secured Media Notes. However, the outlook has shifted from Positive to Stable. This change reflects the additional €210 million in debt the club is taking on, which is likely to extend their timeline for debt reduction.
Morningstar DBRS estimates that FC Barcelona’s debt-to-EBITDA ratio could peak at around 9.7x in fiscal year 2027. This ratio is projected to improve to approximately 4.5x by fiscal year 2029, assuming that the stadium renovation completes on time and that matchday revenues return to normal levels.
#What Can We Expect in Revenue?
Looking ahead, FC Barcelona's revenues are expected to surpass €1 billion for fiscal year 2026. With the renovated stadium operating at full capacity by fiscal year 2028, revenues could potentially reach around €1.2 billion.
The BBB rating indicates a position on the edge between investment-grade and high-yield categories. The move from a Positive to Stable outlook suggests that the ratings agency views the current debt load as manageable. Nonetheless, it also signals expectations for slower improvement than previously envisioned. The anticipated trajectory of the debt-to-EBITDA ratio, moving from 9.7x to 4.5x, hinges on the timely completion of renovations and adherence to revenue projections.