Key facts
- Morningstar DBRS downgraded FC Barcelona's credit outlook to "Stable" from "Positive" due to stadium renovation delays.
- The club plans to borrow an additional €210 million, backed by future media income, to offset costs and lost revenue.
- Full completion of the Spotify Camp Nou stadium is now expected by late 2027.
- The debt-to-earnings ratio is projected to peak at 9.7x in the next year.
- DBRS Morningstar forecasts Barcelona's revenue to hit €1 billion in 2026 and €1.2 billion by 2028.
Credit ratings agency Morningstar DBRS has lowered its outlook for FC Barcelona, citing ongoing delays in the renovation of its home stadium, Spotify Camp Nou. The agency maintained Barcelona's primary credit rating at BBB but shifted its projection from "Positive" to "Stable".
The Spanish football club has encountered multiple setbacks in reopening its revamped stadium, which is designed to accommodate 105,000 spectators upon completion. To address escalating costs and compensate for revenue lost due to construction delays, Barcelona intends to secure an additional €210 million in loans this year. This new debt, which is collateralized by the club's future media income, is slated for repayment over a decade and will extend the club's overall debt repayment timeline.
Short-term debt levels are anticipated to increase significantly, with the club's debt relative to its earnings expected to reach a high of 9.7 times in the upcoming year. Barcelona temporarily returned to Camp Nou last season with a reduced capacity of 45,000, which has since been increased to 62,000. However, the full completion of construction is now not expected until late 2027.
Despite these short-term financial challenges, Morningstar DBRS maintains a positive long-term view of Barcelona as a business. The agency recognizes the club as one of the world's most popular and valuable football entities, boasting prominent players like Lamine Yamal, Pedri, and Gavi. Barcelona's strong commercial operations and broadcasting rights income are significant assets, even with limited matchday revenue during the renovation period. The club's continued on-pitch success, including securing a second consecutive LaLiga title in May and consistent participation in the Champions League, bolsters its financial stability.
DBRS Morningstar projects that the club's revenue will reach €1 billion in 2026 and approximately €1.2 billion by 2028. The redevelopment of Spotify Camp Nou is a critical component of these revenue forecasts, with anticipated growth driven by increased ticket sales, hospitality services, and sponsorship deals. Deloitte previously ranked Barcelona as the second wealthiest football club globally, with revenues of €974 million in the past year.