Spanish LaLiga football club RCD Mallorca is reportedly preparing a capital increase of €15m (£13m/$15.5m) to support the redevelopment of its home stadium, the Visit Mallorca Estadi.
The club was given the go-ahead to revamp the stadium back in April after initially presenting plans in January. The venue opened in 1999 and RCD Mallorca feels the stadium must evolve and adapt to “changing times”.
The initial phase of the project cost €5.4m and centred on a new structure in the lower part of the south stand. The wider project, which is slated to be finished by 2024, is expected to cost around €20m.
RCD Mallorca announced over the weekend that its ordinary general shareholders’ meeting will take place on December 27, with the club’s accounts among the topics up for discussion. Although the club did not disclose details of the stadium funding, the Diario de Mallorca newspaper reports that the figure will amount to around €15m.
The new area of the stand brings fans just 8.5 metres from the pitch and eliminates the athletics track. Architect Izaskun Larzabal, who oversaw a renovation of Real Sociedad’s stadium, is carrying out the project.
The remaining phases of the project will include renovation of the stadium’s roof, as well as improvements to dressing rooms and press areas. According to Diario de Mallorca, the €15m would also be used to fund the development of the Antonio Asensio sports complex
Earlier this month, RCD Mallorca hailed the striking of an agreement to unblock the sale of the land on which the club’s former home, Estadi Lluís Sitjar, had sat.
If the agreement is concluded, it will end a dispute that has rumbled on for over two decades, when Mallorca left the Lluís Sitjar, which opened in 1945, to move to what is now the Visit Mallorca Estadi, owned by Palma City Council and built for the staging of the 1999 Summer Universiade multi-sport event.
The agreement was struck between the Council, otherwise known as the Cort, the club and the Lluís Sitjar Co-Owners Association. The Cort agreed to acquire two plots of land from the Association, whose membership numbers around 400, and the club in a deal valued at €13m.