Barcelona secure €1.45b to revamp Camp Nou

BARCELONA, Spain (AP):

Barcelona has secured financing of EU1.45 billion (US$1.6 billion) from multiple investors to begin the renovation of Camp Nou stadium, the club said yesterday.

Barcelona said the club's assets were not used as a guarantee, and there was no need to take a mortgage on the stadium. A total of 20 investors were behind the financing, along with "some of the main prestigious financial entities around the world".

The club said the financing was composed of different instalments to be paid progressively at five, seven, nine, 20 and 24 years "with a flexible structure" and a "grace period".

Barcelona will start to repay the operation once stadium work has been completed. Seating capacity in Europe's largest stadium is being increased 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 the owners," the club said in a statement.

Barcelona have struggled financially in recent years and will play their matches next season at the smaller Lluis Companys Olympic Stadium in Montjuic. They started work at the stadium to adapt it to the team's needs and the requirements of domestic and international competitions.