Barcelona's 2.5 Billion-Euro Debt Tests Member-Owned Club

F.C. Barcelona’s liabilities have reached €2.5 billion, the club’s treasurer says, a burden the team attributes largely to a long-delayed Camp Nou refurbishment that it asks be considered separately from other debts. The club’s structure complicates fixes. Barcelona is run by about 150,000 paying members, or socios, who elect leadership in political-style campaigns; a vote is expected in the first half of the year and President Joan Laporta is running for re-election.

Since his return in 2022, Mr. Laporta has pursued an aggressive strategy of expensive player signings and a costly stadium overhaul. Barcelona played home matches for months in much smaller venues and reopened the renovated stadium in November, but attendance is being capped at under half capacity while work continues.

About €1.5 billion of the liabilities stem from long-term financing raised for the stadium project. The remainder reflects spending to keep the team competitive and deals that sell future revenues to outside investors. Among those deals, Barcelona sold 25 percent of its domestic media rights for 25 years to investment firm Sixth Street for €667 million; over the life of the contract the club may redirect roughly €1 billion to Sixth Street if domestic rights keep current values.

Barcelona says that, without such asset sales, it would have lost nearly €1 billion over the five seasons through 2025.

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