Barcelona suffer new financial “downgrade” due to Camp Nou delays

Barcelona have been dealt a financial blow after delays to their Spotify Camp Nou forced Morningstar DBRS to downgrade their “outlook” for the club.

The Catalan giants have retained their BBB credit rating, but their projection has been changed from “Positive” to “Stable” due to the ongoing issues surrounding the return to their famous home.

Camp Nou delays create fresh financial concerns for Barcelona

Barcelona's long-awaited Camp Nou redevelopment has suffered repeated delays, with the renovated stadium now not expected to be fully completed until late 2027.

The project will eventually increase capacity to 105,000, but construction issues have forced the club to continue operating with a reduced matchday capacity.

Barcelona returned to Camp Nou during the 2025-26 campaign with capacity initially limited to 45,000, before that figure was increased to 62,000 as the work went on.

However, the delays have impacted the club financially, with Barcelona now planning to borrow an additional €210m (£179,000) this year to cover increased costs and lost revenue.

The new borrowing will be backed by future media income and is expected to be repaid over a 10-year period, extending the timeframe required for Barcelona to reduce their overall debt levels.

As a result, the club's debt compared to earnings is expected to peak at 9.7 times over the next year, highlighting the short-term financial pressure caused by the stadium redevelopment.

Despite the downgrade, Morningstar DBRS remains confident in Barcelona's long-term prospects due to their global reputation, strong commercial operations and continued success on the pitch.

The Spanish champions remain one of the world's most valuable football clubs and have maintained their status among Europe's elite, with Lamine Yamal, Pedri and Gavi among the stars representing the next generation of talent at the club.

Barcelona's strong broadcasting and commercial revenues have helped offset the loss of matchday income during the redevelopment, while their continued sporting success has provided further stability.

The Catalan side secured their second consecutive LaLiga title in May and remain regular participants in the Champions League, with Morningstar DBRS expecting revenue to reach €1bn in 2026 and around €1.2bn by 2028.

The completion of Spotify Camp Nou is expected to play a key role in that growth, with increased ticket sales, hospitality opportunities and sponsorship revenue all expected to benefit from the upgraded venue.

FGG says: Camp Nou delays are a concern for the Spanish giants

Barcelona's latest financial downgrade highlights the importance of completing the Spotify Camp Nou project without further setbacks.

The club remain in a strong position thanks to their global appeal, commercial power and ability to compete at the highest level, but prolonged delays are limiting one of their biggest potential revenue streams.

If the redevelopment is completed successfully, the new stadium could become a major boost for Barcelona's finances and help secure their position among the world's richest clubs.