Picture Credit: Twitter
Barcelona on Monday, April 24 announced that a finance arrangement worth 1.45 billion Euros (USD1.6 billion) for the renovation of Camp Nou and its surroundings was successfully closed. Barcelona claimed that 20 investors, including Goldman Sachs and JP Morgan have signed the pact.
In addition to the revamp of the football stadium, another project titled ‘Espai Barca’ will be undertaken which will have funds for the development of other sports in the club. The Palau Blaugrana, where the club's basketball and handball teams play, will receive 420 million euros, while the Johan Cruyff Stadium, where the men's reserve and women's football teams compete, will receive 20 million euros. The loans will be paid back by the club after the completion of the work over the next five to twenty-four years.
The club will play all their home matches at the Lluís Companys Olympic Stadium until the 2024-25 season. Camp Nou is expected to be fully functional in 2026, but it is looking to return to the Camp Nou for the 2024-25 season at partial capacity.
It is being said that Barcelona are following the footsteps of Classico rivals Real Madrid after they began renovation of their home stadium, the Bernabeu Stadium in 2019. The club projects that the renovated stadium will enable them to make an additional 200 million euros in revenue every year through naming rights, sponsorship, ticket sales, catering, VIP boxes, hospitality, meetings, and events. It is to be noted that Camp Nou is the largest football stadium in Europe and the fourth largest in the world by capacity, with 99,354 seats.