Barcelona have secured funding for the redevelopment of the Camp Nou stadium – known as the Espai Barca project. The club has gathered €1.45 billion in order to renovate their home ground, and have fulfilled the criteria approved during the referendum.
The club has confirmed this in a statement on their website. They previously announced plans to move to the Olympic Stadium while their ground is redeveloped. And they plan to move back to Camp Nou by November 2024.
Barcelona secure €1.45 bn funding for Espai Barca project
“FC Barcelona has agreed financing for Espai Barça as planned, ensuring the start of work to renovate Spotify Camp Nou and fulfilling the criteria approved during the referendum. The Club’s assets were not used as a guarantee and a mortgage wasn’t taken out on the stadium. The Club agreed financing with a total of 20 investors to the value of 1.450 billion Euro, a figure that covers the cost of the works for Espai Barça.
“The financing is with some of the main prestigious financial entities around the world. It has different instalments to be paid progressively at 5, 7, 9, 20, and 24 years, with a flexible structure, including a grace period. The Club will start to repay the operation once work has been completed on the stadium, using income generated by the Spotify Camp Nou, which is forecast to be around 247 million Euro per year,” the official statement read.
Barcelona will have to endure a dip in matchday revenue due to less number of seats at the Olympic Stadium. But, the renovation will see the capacity of their home ground increase as well.
