BARCELONA
Barcelona officially announce financing payment structure for the Espai Barça and Camp Nou redevelopment
The club have secured over €1 billion and will not have to pay the money back until the reconstruction is complete.
FC Barcelona have announced this Monday, 24 April that they have “finally” closed the financial deal to rebuild the the new Camp Nou, with a total of 20 investors involved. “The agreement for the 1.45 billion Euro operation ensures the start of work to renovate Spotify Camp Nou” reads the statement on the website, as well as stating that it will be paid back with a “flexible structure.”
Barça’s off-field hiccups have been in stark contrast to the work they have done on the pitch, with the team currently above second-placed Real Madrid by 11 points in the LaLiga standings.
Barça won’t pay anything until the work is complete
Their financing plan has been revealed to be “to be paid progressively at 5, 7, 9, 20, and 24 years, with a flexible structure, including a grace period”, and that the club will begin the repayments “once work has been completed on the stadium, using income generated by the Spotify Camp Nou.”
Plenty of investors have been involved in the deal, many of which receive a warm mention from the club, including Goldman Sachs, JP Morgan, JLL, Pérez-Llorca, DLA Piper, Key Capital Partners, Legends, and IPG 360, among others. The project, Barça claim, will keep the club “at the forefront of world sport”.
The full statement can be read below:
FC Barcelona has agreed financing for Espai Barça as planned, ensuring the start of work to renovate Spotify Camp Nou and fulfilling the criteria approved during the referendum. The Club’s assets were not used as a guarantee and a mortgage wasn’t taken out on the stadium. The Club agreed financing with a total of 20 investors to the value of 1.450 billion Euro, a figure that covers the cost of the works for Espai Barça.
The financing is with some of the main prestigious financial entities around the world. It has different instalments to be paid progressively at 5, 7, 9, 20, and 24 years, with a flexible structure, including a grace period. The Club will start to repay the operation once work has been completed on the stadium, using income generated by the Spotify Camp Nou, which is forecast to be around 247 million Euro.
FC Barcelona continues to make progress with its strategic plan and in developing the Espai Barça project, managing to achieve as much flexibility as possible when finding the best proposal in cost and time terms. Throughout the process, the Board of Directors and the Club’s own teams have been joined in their efforts by key partners, such as Goldman Sachs, JP Morgan, JLL, Pérez-Llorca, DLA Piper, Key Capital Partners, Legends, and IPG 360, among others. The proposal consists of combining the experience and knowledge of the Club’s teams and professionals with best practices in the different areas involved in the Espai Barça project.
This operation once again confirms the Club’s credibility regarding the Spotify Camp Nou project, the epicenter for Espai Barça. 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.
In the coming days the Club will hold a press conference regarding the details of the operation.
