La Liga giants FC Barcelona have announced they have received €1.45bn in funding to proceed with renovation plans to its home stadium, the Spotify Camp Nou.
The renovation plans – entitled Espai Barça – were a part of the club’s referendum with investment coming from a total of 20 investors, with no inclusion of Barcelona’s club assets nor any mortgage taken out of the stadium itself.
The new plans also don’t just pertain to the Spotify Camp Nou, with the funds also being put forward to develop the club’s facilities, including €420m on the Palau Blaugrana – Barcelona’s home arena for basketball and handball – with €20m also being used to develop the men’s reserve and women’s teams’ home ground, the Johan Cruyff Stadium.
FC Barcelona confirms that investment came from some of the “main prestigious financial entities around the world”, with instalments being paid under a structure which includes a grace period.
The Spanish club side, who currently sit 1st in La Liga 11 points ahead of 2nd place on course for a 27th La Liga title, will begin to repay the operation once the work has been completed on the stadium by using money generated from the Spotify Camp Nou, which is projected to make an estimated €247m per year.
The Espai Barça project has been a strategic plan by the club to achieve “as much flexibility as possible when finding the best proposal in cost and time”.
The proposal consists of combining the experience and knowledge of the club’s teams and professionals with best practices in the different areas involved in the Espai Barça project.
Throughout the process, the Board of Directors and the club’s own teams have been joined in their efforts by key partners, such as Goldman Sachs, JP Morgan, JLL, Pérez-Llorca, DLA Piper, Key Capital Partners, Legends, and IPG 360, among others.
In the coming days, FC Barcelona will hold a press conference regarding the details of the operation.