From July, Barcelona’s home stadium will be known as Spotify Camp Nou.

Barcelona announced on Tuesday that Spotify will be their primary sponsor beginning next season, with the club’s stadium renamed Spotify Camp Nou beginning in July.

Spotify will also be featured on the front of the men’s and women’s team shirts for the next four seasons, as well as the club’s training t-shirts for the next three.

Barcelona has not confirmed the value of the sponsorship deal, but reports suggest the club could earn up to EUR 300 million (roughly Rs. 2,513 crores) over the four years.

Spotify will take over as Barcelona’s primary sponsor from Rakuten, the Japanese e-commerce company. The Rakuten agreement began in 2017 and was renewed in 2020 until the end of this season.

The agreement with Spotify, according to the club’s president Joan Laporta, is a “pioneering” collaboration with a “world-renowned organisation.”

“It is also a union with which we will continue to advance in this new era that we have begun,” Laporta added.

Barcelona has been desperate for a new sponsorship deal to help alleviate the club’s crippling debts of over a billion euros.

Laporta insisted in January that Barcelona is “back as a big player” in the transfer market, but signings such as Erling Haaland from Borussia Dortmund will be contingent on a significant improvement in their financial situation.

When asked about Barcelona’s hopes of signing Haaland this summer, La Liga’s director general Javier Gomez said on Monday that the club will need to “cut costs or bring in more income, there’s no other way.”

Barcelona’s spending after the January transfer window was set at EUR 144 million (approximately Rs. 1,206 crore), down from EUR 98 million (approximately Rs. 821 crore) last summer. According to the Spanish league, Barcelona’s losses were EUR 242 million (roughly Rs. 2,027 crore) higher than expected.

“Barcelona’s losses exceed their ability to generate revenue. That is why it is unfavourable “Gomez stated.

At the start of the season, Barcelona’s player salaries accounted for 103 percent of total income, and the club will have to move more players in the summer, with Ousmane Dembele expected to leave on a free transfer when his contract expires in July.

In the last few years, Lionel Messi, Luis Suarez, Antoine Griezmann, and Philippe Coutinho have all moved on.

Last year, Gerard Pique agreed to reduce his salary in order for Barcelona to sign Memphis Depay and Eric Garcia.

However, Barcelona were allowed to make more signings in January, as Ferran Torres arrived from Manchester City for EUR 55 million (roughly Rs. 460 crore) and Pierre-Emerick Aubameyang arrived on a free transfer after his contract at Arsenal was terminated. Adama Traore joined on loan from Wolves, while Dani Alves re-signed after his contract expired.

Since then, Barcelona’s performance has improved significantly, with coach Xavi Hernandez overseeing something of a turnaround ahead of Sunday’s Clasico against Real Madrid.

Barcelona is now third in La Liga and appears to be on track to qualify for next season’s Champions League, which will be critical to their financial recovery. Xavi accepted