Featured image credit: Valencia CF
Valencia CF has claimed a breakthrough for its Nou Mestalla project with the sale of land on the stadium site, while the Spanish LaLiga football club has engaged Legends to assist in enhancing the fan experience offering at the future venue.
Construction work on the Nou Mestalla was suspended in February 2009 and the venue has since become one of the world’s most notorious stadium projects. However, Valencia today (Wednesday) said it has reached an agreement with Atitlan Desarrollos Inmobiliarios, a subsidiary of investment firm Grupo Atitlan, for the sale of land attached to the Nou Mestalla.
The deal is reportedly worth in the range of €30m (£25.5m/$32.5m) to €40m, according to Spanish media reports, with the funds set to be diverted to the stadium project. Área Desarrollo, a subsidiary of Grupo Simetría, will participate in the execution phase of a development scheme that intends to deliver two tower blocks on the 40,000 square metres of land, according to 2Playbook, that would house a hotel, offices and commercial premises, in turn providing more pedestrian traffic to the stadium, delivering on the vision of having a facility that is of use 365 days a year.
Valencia said in a statement: “The agreement is subject to the approval of the urban planning authorities and (the granting) of licenses necessary for the development of both the stadium and the tertiary buildings planned by the buyer.
“Therefore, a process of long negotiations is completed that represents great progress for Valencia CF towards the objective of resuming and concluding the works of the future Valencian home, also helping to develop one of the main entrances to the city of Valencia, with a project that will undoubtedly contribute to boosting the economy of the area.
“Valencia CF continues to take steps forward to make the Nou Mestalla a reality.”
In June 2022, Valencia publicly presented revised plans for the Nou Mestalla, including revised capacity figures that will see the stadium delivered to a 70,000 capacity, but initially limited to 49,000.
The club said it was hoping to restart construction work in October 2022, but conceded that the delivery date for the Nou Mestalla was likely to slip. This has proven to be the case.
Legends brought in
Meanwhile, Valencia said its collaboration with Legends is focused on strengthening the work the club has been conducting to get optimal use from the Nou Mestalla. It said this will specifically be focused on improving the fan experience and revenue generation through hospitality, events, restaurants, leisure and entertainment, a museum and shops.
Throughout June, Legends is set to hold consultation sessions with Valencia fans who are Socio VCF Members or VIP Area Members to gather their input.
At a later stage, once the study has been carried out and the strategic consultancy has been concluded, Valencia plans to issue a private tender for the exploitation of the stadium’s business assets and choose different companies, potentially including Legends, to undertake day-to-day activity at its future home.
The club is currently awaiting Valencia City Council to grant it the building licence it has requested to resume work at the Nou Mestalla site, along with approval of urban planning documents for the wider complex and the current Mestalla stadium.
Valencia in December 2021 revealed plans to use funds from LaLiga’s strategic venture with global investment fund CVC Capital Partners, LaLiga Impulso, to help finance the construction of its new stadium. Valencia is set to receive approximately €120.7m from LaLiga as part of the LaLiga Impulso venture, €85m of which is set to head to the stadium project.
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