BarcelonaA week before the Negreira case came to light, Joan Laporta appeared before the media to take stock of Barça’s current situation. Among the subjects he discussed for two hours, the remodeling of the Camp Nou stood out, one of his priorities when there are only a few days left until two years have passed since his return to the Barça box office. Not long ago, the organization had announced that the works would be carried out by Limak, a decision that generated controversy. The president, however, wanted to put his fist on the table: he fiercely defended the choice of the Turkish construction company and, with the economic vice-president Eduard Romeu at his side, guaranteed that the financing of the project would be completed during this month of March But the scandal of the payments to the former vice-president of referees has ended up having consequences beyond football: the shadow of suspicion has not pleased some of the investors who, with the help of Goldman Sachs and JP Morgan, wanted to finance the ‘Espai Barça. So much so that there are those who have left their participation in abeyance.
If at the beginning of February everything seemed to be on track, with the construction company already chosen, the project defined and the Camp Nou works started – part of the third tier is missing -, March begins with maximum uncertainty. “Everything is open”, they explain from the noble offices of the Camp Nou, where they even acknowledge that the possibility of waiting one more season to start the reform has already been put on the table, which would mean temporarily canceling the move to Montjuïc, planned for this summer, and recover the club’s income before embarking on what is defined internally as “the most ambitious project in Barça’s history” and “Barcelona’s most important work after of the Sagrada Família”.
These are difficult days for the Espai Barça work team, which since Laporta’s ascension to the presidency has undergone several changes both in the executive structure and in suppliers. Materials have become more expensive due to the war in Ukraine, an international conflict that does not have a clear prognosis. In this context of general inflation, it has been added that the election of Limak has also generated suspicion among investors, who do not see with such good eyes putting money into a company that has a lower rating in relation to other giants such as Acciona, Ferrovial or FCC – which also bid for the works – and Vinci, which decided to withdraw when it knew that Limak was ahead in the internal crossings. They also do not like the fact that it is a company that does not operate on the stock exchange, because this implies a lower financial control, and that it does not have experience in works in Europe, a very strict region with the quality of construction materials. In fact, the process to approve, if necessary, Limak’s materials to European regulations may prolong the start and progress of work at Camp Nou.
All this context of concern has also reached Ghesa and Vopi4, the Spanish partners of Turkey in the reform. In addition to all this, which does nothing more than make the financing operation more expensive, we must now add the media noise and the bad reputation derived from the Negreira case, which has every chance of going to court in the coming weeks.
Controversy with the “bite” in Gol Sud
Although there is concern in the club’s offices, some of the sources consulted to prepare this piece have preferred to remain silent and avoid giving details about the new Camp Nou, protected by confidentiality policies. Despite this, from the club they confirm the reputational impact of the refereeing scandal and add that the “bite” at Gol Sud has left Barça in a situation of weakness vis-à-vis investors. What had been sold as a victory on the part of the board, a way of saying that “now yes, the works are already underway”, is being thrown against the directive of Joan Laporta. “Now they know you’re in a hurry and, therefore, they catch you even more in the conditions”, assures Arístides Maillol. In addition, the partial dismantling of the South Goal means fewer tickets for sale in the matches played at the stadium since the World Cup. The less entries, the less revenue. The less income, the more problems to square accounts that are already below budget. And the more difficult it is to make green numbers, the more complicated it is to fulfill the fair play of the League and consider signings this summer, including that of Leo Messi, who has not renewed with PSG and is Laporta’s big dream.
At the moment, Barça is maintaining its initial plan: to approve the financing this March and start the bulk of the works in the summer, completely dismantling the third stand. But that confidence that was there at the beginning of the year has faded, and the calendar, as a result, may undergo modifications.
Meanwhile, work continues to enable the Montjuïc stadium, where the first team’s activities will theoretically be moved temporarily while the Camp Nou is reformed. Barcelona City Council explain that the works are “continuing their course” and that the club’s doubts about the execution of Espai Barça do not affect the work being done at Lluís Companys. “No one has communicated otherwise,” they say from the council. Barça had signed a contract to play at the Olympic Stadium in the 2023/24 season and a few days ago extended it until November 2024, the date on which the club plans to return home on the occasion of the 125th anniversary of entity But, as already explained by the ARA, and given the hypothesis that the work will go slower, the club has agreed to be able to continue in exile until the end of the 2024/25 season.
