Barcelona, April 23 (BNA): FC Barcelona said on Monday that it had secured €1.45 billion ($1.6 billion) in financing from several investors to start renovating the Camp Nou stadium.
Barcelona said the club’s assets were not used as collateral, and there was no need to take out a mortgage on the stadium.
A total of 20 investors were behind the financing along with “some of the major reputable financial entities around the world.” , as the AP reports.
The club said that the financing consists of various installments that are gradually paid in five, seven, nine, 20 and 24 years, with a “flexible structure” and a “grace period”.
Barcelona will start paying off the process once the stadium works are completed. The seating capacity of Europe’s largest stadium has been increased from 99,300 to 105,000.
Barcelona have struggled financially in recent years and will play their matches next season at the smaller Lluís Companys Olympic Stadium in Montjuïc. The club started working on the stadium to adapt it to the needs of the team and the requirements of local and international competitions.
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