Barcelona secures financing of 1.6 million dollar to revamp Camp Nou

Barcelona has secured financing of 1.45 billion euros ($1.6 billion) from a number of buyers to start the renovation of Camp Nou stadium, the membership mentioned on Monday.

Barcelona mentioned the membership’s property weren’t used as a assure, and there was no have to take a mortgage on the stadium. A complete of 20 buyers have been behind the financing together with “some of the main prestigious financial entities around the world.”

The membership mentioned the financing was composed of various instalments to be paid progressively at 5, seven, 9, 20 and 24 years “with a flexible structure” and a “grace period.”

Barcelona will begin to repay the operation as soon as stadium work has been accomplished. Seating capability in Europe’s largest stadium is being elevated from 99,300 to 105,000.

“The project is essential when it comes to keeping FC Barcelona at the forefront of world sport, is one of the foundations for the club’s economic recovery and future viability and is a tool to enable continuation of the governance model, whereby the over 146,000 club members are its owners,” the membership mentioned in a press release.

Barcelona has struggled financially in recent times and can play its matches subsequent season on the smaller Lluís Companys Olympic Stadium in Montjuic.

The membership has began work on the stadium to adapt it to the crew’s wants and to the necessities of home and worldwide competitions.