Spanish LaLiga football club Valencia has made the decision to restart construction on its Nuevo Mestalla stadium, which stopped building work in 2009.

The project came to a halt more than seven years ago, only two years after it began, due to financial problems.

“The club will start proceedings with Valencia council for the process of obtaining the licenses required … to complete the works on their new stadium,” Valencia said in a statement on Tuesday. “(The) renewed project will be based on optimising the experience for fans.”

The new stadium is due to have a capacity of 61,500, and is estimated to cost between €250m (£222m/$294m) and €300m.

Valencia’s goal in the next few days is to acheieve the necessary licences with the city council “with the objective of respecting their obligations regarding the deadlines stipulated in the Strategic Territorial Action (ATE) for the completion of the works of the new stadium.”

The president of the club, Anil Murthy, and Mayor Joan Ribó held a meeting a few days ago, with Valencia stating after the meeting that both leaders maintained “a cordial conversation after a protocol exchange of gifts.”

Valencia currently plays at the 55,000-capacity Mestalla Stadium, which first opened in 1923.

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