Spanish LaLiga football club Valencia has been handed a firm deadline of July 2022 to complete its much-delayed Nuevo Mestalla project, under the terms of a deal for the transformation of its current stadium.
In April, Valencia revealed that a deal had been reached that would release the funds needed to allow work to recommence on its long-stalled new stadium. The development of the Nuevo Mestalla has become one of the longest-running sagas in the global stadium and arena industry, with construction work on the project having been suspended in February 2009.
The agreement for the current Mestalla site, Valencia’s home since 1923, was reached with ADU Mediterráneo, which intends to demolish the stadium and transform it into a residential complex consisting of a maximum of 414 homes.
A meeting yesterday (Tuesday) gave further details regarding the timeline for the two projects, with ADU Mediterráneo announcing that it had “reached an agreement with Valencia CF to ratify and renew each and every one of the agreements reached with ADU to carry out this project maintaining the terms of the initial offer, protected and agreed with the Generalitat Valenciana and Valencia City Council”.
A date of March 31 has been set as the deadline for guarantees to be presented to the club. Spanish newspaper El Mundo reported that Valencia will receive a single payment of between €115m (£97.8m/$127.8m) and €120m for the Mestalla site in July 2022, at which point it will be bound to deliver the stadium to ADU Mediterráneo for work to commence on the Residencial Acequia de Mestalla project, which is intended for completion in 2025.
This means Valencia will need to move into the 61,500-seat Nuevo Mestalla ahead of the 2022-23 season, with delays risking a financial penalty. Valencia said the new residential development is set to honour its current home with the inclusion of a ‘Stadium Center’.
José Luis Santa Isabel, president of ADU Mediterráneo, said: “We are underway and in the right direction culminating this process, this project is going to be done. Valencia CF is going to have a new stadium, we will build this complex and we are going to replace a landmark of this city with another one.”
Image: Valencia CF
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