Barcelona approve debt plan for stadium renovation

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Soccer Football – LaLiga – FC Barcelona v Elche – Camp Nou, Barcelona, ​​Spain – December 18th 2021 General view inside the stadium before the match REUTERS / Albert Gea

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December 20 (Reuters) – Spanish football club Barcelona, ​​in a referendum on Sunday evening, approved new financial plans including an additional € 1.5 billion that will allow the club to renovate its iconic but languid Camp Nou stadium and its surroundings.

Goldman Sachs, which had agreed to lend € 595million to help restructure the club’s debt in August, will fund the stadium renovations under a 35-year plan, including an initial five-year grace period.

The plan won 87.8% of the support of 48,623 participants, or 44.2% of the club’s total membership.

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They voted in favor of raising additional funds for a debt plan to finance a large-scale project known as “Espai Barça” which was originally planned in 2014.

The club’s debts amount to 1.35 billion euros, including 673 million to banks.

The priority is the stadium refurbishment aimed at having the new Camp Nou ready by the end of 2025 with work starting next year to expand the capacity to 105,000, making it the largest stadium in Europe.

Barcelona president Joan Laporta said the club plan to generate an additional € 200million in revenue per year from the new stadium through sponsorship and naming rights, ticketing, catering, VIP boxes. , hospitality, meetings and events.

The project will also involve updating the club’s infrastructure such as offices and the Palau Blaugrana, a multi-sport venue that has faced several fines for failing to meet European competition requirements for basketball matches.

The new Palau Blaugrana is expected to be completed in 2026 and the offices and hotel ‘Campus Barça’ by 2027.

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Reporting by Fernando Kallas; edited by Jason Neely

Our standards: Thomson Reuters Trust Principles.

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