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    Barcelona secures USD1.6B financing to revamp Camp Nou

    BARCELONA, SPAIN (AP) – Barcelona has secured financing of EUR1.45 billion (USD1.6 billion) from multiple investors to begin the renovation of Camp Nou stadium, the club said on Monday.

    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 its owners,” said the club.

    Fans at the Camp Nou stadium in Barcelona, Spain. PHOTO: AP
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