Spanish futbol club, Barcelona have finally secured €1.45 billion in funding to regenerate their Camp Nou stadium and the surrounding areas.
The club announced renovation plans in 2014, but a slew of issues since then has meant that only a small portion of the work has been completed.
However, the project appears to be moving quickly after the season ends, with Barca confirming on Monday that 20 investors have put up €1.45 billion ($1.6 billion).
Barcelona assured worried fans that “club assets were not used as a guarantee, and no mortgage was taken out on the stadium.”
Repayments will be made in five, seven, nine, twenty, and twenty-four-year instalments “with a flexible structure.”
“This operation once again confirms the club’s credibility regarding the Spotify Camp Nou project, the epicentre for Espai Barca,” a statement added.
“The project is essential when it comes to keeping Barcelona at the forefront of world sport, is one of the foundations for the club’s economic recovery and future viability.
“It 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.”
While Barca will play out the remainder of the 2022-23 campaign at Camp Nou, it had already been confirmed they are to move to the Olympic Stadium in Montjuic for next season.
Barca is reportedly hoping to be back at Camp Nou in late 2024.
dpa/NAN
