Earlier this month, Barcelona had reportedly struck a deal with banking giants Goldman Sachs and JP Morgan, for the financing of the renovation project of Camp Nou called Espai Barça.
However, there were certain things to be meted out, including maintaining investor confidence against the backdrop of allegations of involvement in the Negreira scandal, coupled with poor economic outlook of the club.
But Barcelona have now confirmed the agreement for the Espai Barça financing project worth €1.45 billion. The club have struck a deal with no less than 20 financial entities across the world including Goldman Sachs, JP Morgan, Key Capital Partners, and JLL, among others.
This is a milestone moment for Barça, who can now go ahead with the project after completing a series of demolition work in the stadium. The new project will increase Camp Nou’s capacity to a whipping 1,05,00 – making it one of the biggest football grounds in the world.
Barcelona have further confirmed that they have not put the stadium on the mortgage in order to finance the deal. They have also avoided using any of the club’s assets as a guarantee, which should come as a major relief for the shareholders.
Barça have previously sold a minority stake in various club assets in order to finance moves for players. Even now they are reportedly planning to sell the remaining 24% stake in Barça Studios in order to fund a move to Lionel Messi and generate new income ahead of the coming summer.
The Catalans will have various repayment periods for this mega project, including a progressive tenure of 5, 7, 9, 20 and 24 years. A grace period has been added, giving the club some much-needed leeway, should they require any.
Barcelona are expected to start repaying the loan once the operation is completed. They are set to use the revenue from Spotify Camp Nou, which is estimated to be around €247 million, the club confirmed.
Barcelona, though, will have to play the 2023/24 campaign at the 55,000-capacity Montjuic Olympic Stadium.
