FC Barcelona’s financial tightrope may become even more precarious if the Camp Nou redevelopment continues to fall behind schedule. What was initially a logistical issue has now evolved into a major accounting complication—with potential consequences for the club’s transfer and registration plans.
Camp Nou’s Delay Now a Balance Sheet Problem
Barcelona has long struggled to stay within La Liga’s financial fair play rules, especially the so-called 1:1 rule, which allows clubs to reinvest 100% of their earned revenue into their playing squad.
To help meet this threshold, the club sold 30-year lease rights for 475 VIP seats at the new Camp Nou in January. The deal with Fort Advisors and New Era Visionary Group brought in €100 million, which was temporarily booked as revenue—allowing the club to meet salary cap obligations and register players like Dani Olmo in the winter.
However, in March, auditors Crowe removed the €100 million from the books, citing that the asset in question (the renovated stadium seats) does not yet physically exist. This leaves Barcelona in a vulnerable financial position once again.
Two Scenarios to Solve the Crisis
There are currently two possible paths to fix the issue:
- Stadium Completion and Immediate Use:
Barça could move back into Camp Nou quickly, demonstrating that the seats exist and the product has been delivered. Last week, the club received an event license from the Barcelona city council—but this does not yet allow for hosting football matches. The final operating permit is still pending, and chances are slim that it will be approved in time to host the Joan Gamper Trophy against Como on August 10. - Fallback Plan at Johan Cruyff Stadium:
If the permit is denied, Barça may be forced to host the Gamper match at the 6,000-seat Johan Cruyff Stadium, a significant downgrade. But the bigger problem lies ahead: If the team cannot play their first home La Liga match on September 14 at Camp Nou, the financial implications could become critical.
Player Registrations at Risk
According to Crowe, if the Camp Nou remains unusable, Barcelona will not be able to register recent signing Joan García or backup goalkeeper Wojciech Szczęsny. That would severely limit the club’s depth and violate La Liga roster requirements.
Is There a Loophole?
Barcelona are reportedly exploring a middle-ground option: If they cannot play at the Camp Nou, they hope to complete the VIP seats alone, obtain an official certificate of delivery, and use that as proof of the product’s existence.
However, it remains unclear whether Crowe will accept this workaround as valid revenue recognition.
As it stands, the countdown has begun. With deadlines looming and regulatory pressure mounting, Barcelona must act quickly—or risk plunging back into an even deeper financial crisis.
