FC Barcelona has finalised €1.45bn of financing to complete the Espai Barça project that will include the remodelling of the Spotify Camp Nou.
The Spanish LaLiga club said in a statement that the funding has been sourced from 20 investors, including Goldman Sachs and JP Morgan, and meets the criteria approved in the referendum of members by avoiding an equity guarantee from the club or mortgage on the stadium.
Barcelona is set to pay back investors in progressive tranches – after five, seven, nine, 20 and 24 years – with a flexible structure, including a grace period. It will begin to repay the operation once the stadium works have been completed, with the income generated by Spotify Camp Nou, which is expected to be approximately €247m per year.
The club will finish repaying the debt six years earlier than previously agreed, after renegotiating what was initially a 35-year deal approved in a referendum of club members in 2021.
The club said in a statement: “Throughout the process, the efforts of the members of the Board of Directors and the club’s own teams have been complemented by reference partners , such as Goldman Sachs, JP Morgan, JLL, Pérez-Lorca, DLA Piper, Key Capital Partners, Legends and IPG 360, among others. The purpose is to combine the experience and knowledge of the club’s teams and professionals together with the best practices in the different fields associated with the Espai Barça project.”
The announcement comes 24 days after the previous deadline to reach a deal, March 31, elapsed. The club said at the time that negotiations were still ongoing. In announcing the plan in February, President Joan Laporta said that the bonds have been certified by Morningstar Sustainalytics and would be issued on the US market in the Green Bond category.
In January, Limak was appointed by Barcelona to carry out the €960m (£848m/$1bn) redevelopment of its stadium, with work scheduled to begin following the conclusion of the 2022-23 season.
The capacity of the Camp Nou will increase from 98,000 to 105,000 as part of the revamp. Barcelona will spend the 2023-24 season at the Estadi Olímpic Lluís Companys while the Camp Nou undergoes renovation.
The Espai Barça project also includes a new Palau Blaugrana arena and the wide-ranging Campus Barça development.