https://www.fitchratings.com/entity/futbol-club-barcelona-96852925
Barca have a debt rating of BBB-, that is 'near junk status'. Hence, my statement that Barca have 'poor credit rating' is factually true BBB- is poor and near junk. FHACT (as a certain Spanish Waiter is prone to say.)
Additionally, you stated the GS loan was for 1.95%, however the terms of the deal haven't been made clear and there is conflicting information.
For instance, is the loan fixed or does it have a tracker element to it? Additionally, Barca's own site, said it aimed for a rate of around 3% rather than 1.95% (remember interest rates last year were still at rock bottom rates), which has been backed up by other outlets:
https://www.fcbarcelona.com/en/news/2175534/approval-of-525-million-debt-refinance-proposal
https://www.insideworldfootball.com/2021/06/21/barca-gets-greenlight-e500m-goldman-sachs-loan/
This deal, whilst eliminating the bridging loan you had, which was highly onerous, also had you:
renegotiate the Senior Notes signed for an amount of 200 million euros at a much higher financial cost, and will provide the necessary liquidity over the next 24 months
This is also before we get to whether the loan has been underwritten in USD or EUR. If in USD then this loan is already 10% more expensive to finance than last year as your income is in EUR.
So, all in all, a refinancing that was meant to give you liquidity for 24 months, didn't, which is why you then had to sell your future profits. That is all on Barca's own site.
My reading of is this that:
a) you've been stung by the f/x rate and/or the interest rate of 3% (not 1.95% as your stating)
b) the loan is tracked to the market (in which case you're in real trouble with that loan) as rates are going up quickly.
c) you board are still not managing your finances correctly.
It could be a combination of all three if not just the one.
If you want to believe everything is fine or you're doing things that aren't just kicking things down the line because you're still banking on 'growing your way out of your problems' (as Barto was banking, I may add) that is fine go for it, all financial transactions are based on risk/reward.
However, I haven't said anything that is untrue.