Spanish football club Valencia wants to use its share of money invested in La Liga by CVC Capital Partners to finish the development of its partially completed new stadium after more than a decade of inaction.
The club informed the Generalitat Valencia regional authority that it plans to use the majority of the money received from CVC’s acquisition of a 10% share in La Liga, which operates Spain’s top two leagues, to finally complete the Nou Mestalla.
The EFE Agency reports that Valencia has sent a letter to the region’s Ministry of Economy notifying officials of its plans and referring to rules that require clubs to spend the money they receive from the CVC deal on infrastructure.
The club said it does not yet know how much it will receive from the CVC investment, which was announced in August 2021, but this should be confirmed by early November 2021.
Work began on the Nou Mestalla in 2007, but construction was halted in 2009 for financial reasons. Revised plans for the stadium from Fenwick Iribarren Architects, including a reduction of its capacity from 80,000 to 61,000, were published in 2013, and it has since been suggested the capacity would be further reduced to 54,000.
Valencia revealed in 2019 that a deal had been reached that would release the funds to allow work to resume, but still progress has not been made.
The Conselleria d’Economia Sostenible regional authority did not accept the club’s request in July to extend the terms of the Strategic Territorial Action (ATE) granted for the construction of the new Mestalla, although the club is reported to be hopeful this setback can be overcome.