DLA Piper Advises on €424m Note Issuance for FC Barcelona's Spotify Camp Nou
Deal News | Aug 18, 2025 | Iberian Lawyer
In a significant financial transaction, DLA Piper advised a group of institutional investors, along with Goldman Sachs as the placement agent, in issuing €424 million worth of notes. These funds are directed towards financing the reconstruction of FC Barcelona's iconic Spotify Camp Nou stadium under the Espai Barça project. The arrangement is a continuation of a groundbreaking financing structure under Spanish law, utilizing a securitization fund approved by the Spanish Securities Exchange Commission. The loan is structured to begin amortizing in 2033, with a complete repayment anticipated by 2050 through revenues generated by the refurbished stadium. The transaction involved a cross-border team from DLA Piper's offices in the UK, Spain, and the US, highlighting the firm's capability in complex, international financial deals.
Sectors
- Finance and Investment
- Sports and Entertainment
- Legal Services
Geography
- Spain – The transaction involves the Portuguese company FC Barcelona, and the financing structure adheres to Spanish law.
- United States – Goldman Sachs, the placement agent, is headquartered in the United States, contributing to the geography classification.
- United Kingdom – DLA Piper's UK office played a significant role, reflecting the cross-border nature of the transaction.
Industry
- Finance and Investment – This industry classification is relevant due to the financial transaction involving the issuance of notes and the refinancing element for the FC Barcelona stadium project.
- Sports and Entertainment – The primary focus of the investment is the reconstruction of FC Barcelona's Spotify Camp Nou stadium, making sports and entertainment a key sector.
- Legal Services – DLA Piper's involvement as legal advisors brings legal services industry relevance to the article.
Financials
- €424 million – The total amount issued in notes for the financing of the FC Barcelona stadium project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| DLA Piper | Legal Advisor | Company | DLA Piper provided legal expertise and managed the notes issuance process. |
| Goldman Sachs | Placement Agent | Company | Acting as the placement agent, Goldman Sachs facilitated the issuance of the notes. |
| FC Barcelona | Borrower | Company | FC Barcelona is the beneficiary of the financing for the redevelopment of their stadium. |
| Spanish Securities Exchange Commission (CNMV) | Regulatory Body | Government | CNMV approved the securitization structure employed in the transaction. |