Featured image credit: Visma17/CC BY-SA 4.0
La Liga club CA Osasuna has repaid a decade early three loans that it took out in order to renovate El Sadar Stadium in Pamplona.
The Caja Rural, Banco Sabadell, and Santander loans initially matured in 2034 and were worth a total of €16m (£13.5m/$17m) for the work which was completed in 2021.
Caja Rural was owed €6m while both Sabadell and Santander lent €5m each. Next week, the club is also due to pay €2m that it borrowed to expand its Tajonar Sports City training facility.
This leaves Osasuna with €3.2m of debt from 2003 and €2.7m from a loan that was requested during the COVID-19 pandemic.
“With this week’s payment, the three bank loans are definitively cancelled and the Foral Community of Navarra is released from the guarantees, leaving the club with 3.2 million of debt from 2003 and 2.7 million of a loan requested in the pandemic,” read a club statement.
“The bulk of the debt, as it appears in the club’s roadmap, is already in the LaLiga participatory loan from which Osasuna has received 40 million to date.
“The renovation of the stadium, despite the fact that it began with capacity limitations due to the pandemic, has generated to this day, in ticketing alone, more than 10 million additional euros to those billed for the old stadium, a figure which will expand to more than 14 next season.”
The stadium upgrade saw the addition of an extra tier of seats on its three smaller stands and corners, the installation of 1,300 safe standing places at the south end of the ground, a new roof structure over the ring of the stands, a club museum, improvements to the players’ area, and improved corporate and hospitality areas.
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