Barcelona's Revamped Camp Nou Stadium Can't Come Soon Enough

Barcelona hasn't been able to play at its spiritual home while the stadium undergoes a significant ... [+] revamp.

Even by Barcelona’s standards, now is an unstable period.

Lagging way behind in the La Liga title race, eliminated from the Copa del Rey, and with only the Champions League to save the day, it’s staring an underwhelming season in the face. And, of course, it needs some new input from the touchline after coach Xavi announced he’s moving aside once this term ends.

Behind the scenes, the accounts are rarely far from the spotlight either. Earlier this month, Barcelona came fourth in Deloitte’s money league rankings with €800.1 million ($868 million) earned, up three places from the previous year but still trailing rival Real Madrid—top this time. The result indicates Barcelona generates decent revenue. Although, that’s just half the picture.

For all its money-making muscle, the metric in which Deloitte specializes, there are huge minuses the other way—on player fees, missed revenue due to the pandemic, and mismanagement stretching further back. Making things trickier, the extended absence from its spiritual home, Camp Nou, is hurting the side’s finances and doing little to gnaw away at the debt—still hanging over €1 billion ($1.1 billion).

Being taken apart and expanded, Camp Nou could return as Barcelona’s playground again in November, just in time to mark the team’s 125th anniversary, although only seating around half of its targeted 105,000 capacity as works continue until mid-2026. Of course, given Barça can generate a sizeable chunk of its annual earnings from match days, it needs the stadium back sooner rather than later.

The nadir in Barcelona's season was arguably the humbling 3-5 league defeat against Villarreal at ... [+] the Olympic Stadium.

Tasked with the soccer amphitheater’s renovation is Limak Holding, the Turkish construction company Barcelona chose—with a quick turnaround a decisive consideration all along. Limak’s other noteworthy projects include the 2023-metre Çanakkale Bridge, the world’s longest suspension bridge, which opened in 2022.

“The company submitted the Spotify Camp Nou tender because of its ability to complete ambitious construction projects on time, within budget, and to the highest possible international standards,” Limak told me via a statement amid the upgrade in Catalunya.

“These technical and operational characteristics were key to the Barcelona tender. Limak is also a family-owned company, which enables the organization to make quick decisions and streamline the day-to-day management of its projects.”

The complete Espai Barça operation has reportedly cost around €1.5 billion ($1.6 billion), with the funding generated from 20 investors. And while that is a considerable outlay, Barcelona can gradually claw that money back over multiple seasons once the venue is back in full flow. And then, crucially, make more.

It’s therefore more sustainable than pulling economic levers—selling off its commercial assets to third parties—for short-term gain, a method that has defined Barcelona’s desperation for a while. Healthy broadcasting revenue is not a concern. As long as it competes well for the top prizes each term, that is.

Having stadium dollars guaranteed also helps the club in the transfer market, which is invaluable when considering the on-field hiccups. To sign and register the game-changing players, Barcelona must prove sufficient funds are there or coming. Otherwise, La Liga’s spending rules will stand in the way.

Finally, there is a sense Barcelona needs anchoring more than ever. Outgoing boss Xavi has spoken about the sky-high expectations and the lack of appreciation for leaders in the dugout. The side is entertaining but not a relentless winner. And the frantic backdrop is unrelenting. Meanwhile, this is all happening while Real sits one step ahead, enjoying the perks of its refurbished Santiago Bernabéu.

Barcelona will benefit from its homecoming more than it thinks—whenever that date finally arrives.