Licampa 1617, the group managing a planned new arena for the Spanish city of Valencia, has hiked the budget for the project from €192m (£173m/$211m) to €220m as it looks to increase the capacity of the venue.

The arena is expected to break ground next summer, with a targeted opening date of 2023.

The initial planned capacity of the arena, which will serve as the home of Liga ACB basketball club Valencia Basket, was 15,000. The Europa Press news agency reported that this capacity has now been increased to 15,600 for basketball games and 18,600 for concerts.

Global architecture firm HOK last year reached an agreement to build the new arena and the company is working alongside local architecture practice ERRE on the project. The project is the vision of Valencia Basket owner Juan Roig, who created the Licampa 1617 enterprise to manage the masterplan.

As well as Liga ACB games and concerts, the arena will have the capacity to host NBA games and also feature training facilities, a museum, premium hospitality products and a seating bowl designed to create an intimate fan experience.

The arena will be situated in the centre of Valencia and will cover 21,500 square metres of land. It would become the biggest arena in Spain, surpassing Madrid’s 15,500-seat WiZink Center.

Image: Licampa 1617