Barcelona’s record revenues overshadowed by mounting Espai Barca debt and Camp Nou delays

Barcelona have broken the €1 billion (£876 million) revenue barrier, but their latest accounts underline the huge financial pressure still hanging over the club.

With debt approaching €2bn (£1.58bn) and the Espai Barça project yet to be completed, getting Camp Nou fully operational is becoming increasingly important.

Why Barcelona need Camp Nou redevelopment to finish sooner rather than later

Barcelona generated £876m in revenue during 2025/26, making them only the second club after Real Madrid to surpass the €1bn mark.

However, they still recorded an after-tax loss of €17.8m (£15.3m), while total financial debt climbed from €1.45bn (£1.25bn) to €1.84bn (£1.58bn).

A further €105m (£90m) of debt has since been issued, meaning Barcelona could cross the €2bn (£1.72bn) debt barrier during the 2026/27 season.

More than €1.2bn (£1.03bn) of that total is linked to the Espai Barca project, with the club relying on the completed Camp Nou generating around €250m (£214.5m) in additional annual revenue.

The problem is that delays are increasing the cost of getting there. Barcelona paid more than €90m (£77.2m) in interest last year, while around €300m (£257.4m) more is expected to be needed to finish the stadium project.

The club also faces significant repayments in the coming seasons, including €149m (£127.9m) in 2026/27, €346m (£297m) in 2027/28 and €366m (£314m) in 2029/30.

Cash flow is already being squeezed. Barcelona had €905m (£776.5m) of obligations due during 2026/27 against current assets of €529m (£454m), leaving negative working capital of €376m (£322.7m).

Even the first instalment of Anthony Gordon’s transfer reportedly required a €22.3m (£19.1m) bank loan.

Wages also rose 12% to €573.7m (£492.3m) last season and are budgeted to reach €648.9m (£556.9m), despite commercial revenue increasing to €564.1m (£484.1m).

Barca Licensing & Merchandising brought in €189.5m (£162.6m), while the gradual return to Camp Nou has helped stadium revenues, particularly through VIP areas.

FGG says: Barcelona need a finished Camp Nou to unlock their record revenue potential

There is a strange paradox here because Barcelona are generating more money than ever, yet the debt burden is becoming enormous.

The Camp Nou redevelopment is supposed to be the solution, making every delay particularly costly.

Barcelona can clearly still compete financially with Europe's elite, but they need Espai Barca to start paying for itself rather than continuing to weigh on the balance sheet.