Barcelona members support debt plan to revamp Camp Nou

FC Barcelona members have voted in favor of elevating further funds to revamp its ailing Camp Nou stadium.

The Catalan membership requested members to help elevating as a lot as €1.5 billion ($1.74 billion) to renovate and additional develop services on the iconic Camp Nou — a venture often called Espai Barca.

The plan entails renovating the stadium — Europe’s largest, with a capability of 105,000 followers — in addition to one other venue used for different sports activities like basketball. Each services are in a precarious situation, forcing the membership to fund common repairs and pay fines for not assembly European competitors necessities.

Membership president Joan Laporta left open the likelihood that membership members may take part within the funding of the venture.

Earlier this month Barcelona’s new administration group, which took over in March, offered the results of a due diligence performed over the earlier administration’s dealing with off the membership. The report discovered liabilities of €1.35 billion in March 2021. Payroll had jumped 61% in three years, administrative prices had been up 56% in and there was a 600% improve in monetary prices.

Between June 2019 and March 2021, the membership’s internet monetary debt elevated by €514 million to €673 million, principally on account of funding made on the acquisition and sale of gamers, in keeping with the report. The delicate monetary scenario pressured Barcelona to surrender celebrity Lionel Messi, thought of among the finest gamers within the historical past of the sport, earlier than the beginning of this season.

Barcelona expects to generate €200 million of further income yearly, attracting extra guests to make use of the brand new areas and reaching extra enticing offers with sponsors.

Goldman Sachs, which organized a non-public placement of €595 million of notes for the membership in August, has a mandate to lift the funds for the stadium revamp.

The membership is planning a 35-year funding for the plan, with annual pursuits and debt compensation with the extra income generated.