FC Barcelona has locked in €210 million in new financing through the issuance of Senior Secured Media Notes, split into two equal tranches of €105 million each. The first tranche is expected in July 2026, with the second following in November 2026.

The financing is designed to shore up liquidity and working capital as the club navigates delays tied to its ongoing Spotify Camp Nou redevelopment, part of the broader Espai Barça project. The notes are backed by a first-priority assignment of FC Barcelona’s media revenues, a structure consistent with previous issuances by the club.

What the ratings agencies are saying

Morningstar DBRS affirmed FC Barcelona’s Issuer Rating and the rating on the Senior Secured Media Notes at BBB on July 9, 2026, while revising the outlook to Stable from Positive.

Taking on €210 million in new debt pushes back the club’s deleveraging timeline. Morningstar DBRS projects FC Barcelona’s debt-to-EBITDA ratio will peak at roughly 9.7x in FY2027, improving to approximately 4.5x by FY2029, assuming the stadium renovation wraps up and matchday revenues normalize.

The revenue picture

Club revenues are expected to exceed €1 billion in FY2026. By FY2028, as the renovated stadium begins operating at full capacity, revenues could reach approximately €1.2 billion.

The BBB rating affirmation sits at the boundary between investment-grade and high-yield territory, and the shift from Positive to Stable outlook indicates the ratings agency sees the current debt load as manageable but not improving as quickly as previously anticipated. The debt-to-EBITDA trajectory from 9.7x to 4.5x assumes the stadium renovation stays roughly on schedule and that revenue projections hold.