The Spanish club announced on Monday that it will borrow more than a billion euros to carry out work in its lair.
FC Barcelona has completed its financing plan for the renovation of Camp Nou and will therefore borrow 1.45 billion euros to carry out the work in its stadium, which will begin on June 1, the Catalan club announced Monday evening in a communicated.
In total, twenty investors will inject 1.45 billion euros, “an amount that covers the cost of the Espai Barça works (the name of the Camp Nou renovation project and other infrastructure owned by FC Barcelona, editor’s note)“, assured Barça in its press release. “FC Barcelona has completed the financing of Espai Barça as planned, (…) respecting the criteria approved by referendum, that is to say without committing the club’s assets and without mortgaging the stadium“said the Blaugrana club.
«On forecasts revenues of 247 million euros»
On December 19, 2021, 87.8% of the representatives of the socios (42,693 of the 48,623 representatives, out of a total of more than 146,000 socios), these supporters-shareholders, had given the green light to the management of President Joan Laporta so that the club undertakes a financing procedure up to a maximum of 1.5 billion euros. The plan provided, for example, EUR 900 million for the renovation of the Camp Nou, EUR 420 million for the Palau Blaugrana used by basketball and handball, and EUR 20 million for the Johan Cruyff stadium where the reserve team (Barça B) plays and women’s Barca. The club negotiated this loan with investors of international status, such as Goldman Sachs, JP Morgan or even Legends.
«The loans span several stages, over 5, 7, 9, 20 and 24 years, with a flexible structure. The club will start reimbursing the operation once the works of the Spotify Camp Nou are completed, thanks to the income generated by the stadium, which is expected to be 247 million euros.every year, Barca said. A total to be repaid to which it will be necessary to add interest rates around 5 or 6% according to the Catalan sports newspaper Mundo Deportivo.
According to the specialized media, Barça hopes that the works will be completed in June 2026, that is to say in three years. In the meantime, the Catalan team will play their home matches for the 2023-2024 season at the Lluís-Companys stadium, the Olympic stadium located on the hill of Montjuïc where the 1992 Games took place, then plan to return to Camp Nou, with a reduced capacity for the public, for the start of the 2024-2025 season.
