Barcelona secures $1.6B financing to revamp Camp Nou

Barcelona has secured financing of 1.45 billion euros ($1.6 billion) from quite a lot of merchants to begin the renovation of Camp Nou stadium, the membership talked about on Monday.

Barcelona talked about the membership’s property weren’t used as a guarantee, and there was no should take a mortgage on the stadium. An entire of 20 merchants have been behind the financing along with “some of the main prestigious financial entities around the world.”

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

Barcelona will start to repay the operation as quickly as stadium work has been achieved. Seating functionality 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 talked about in a press launch.

Barcelona has struggled financially in latest occasions and may play its matches subsequent season on the smaller Lluís Companys Olympic Stadium in Montjuic. The membership has started work on the stadium to adapt it to the employees’s desires and to the requirements of dwelling and worldwide competitions.