Barcelona have taken a major institutional step after signing the agreements to finance their Espai Barca project. The deal will total €1.45b in loans, which will be paid back over the next 24 years, should all go to plan.
The Blaugrana are set to move out of Camp Nou this summer, so that renovations can begin on the stadium. That work will be completed by November of 2024 if all goes to plan, but Barcelona are planning on redeveloping the area around the stadium too, putting in a new basketball stadium, commercial centres and entertainment hubs too.
The agreement, which includes 20 partners featuring Goldman Sachs, JP Morgan, JLL, Perez-Lorca, DLA Piper, Key Capital Partners, Legends and IPG 360 has payment periods of 5, 7, 9, 20 and 24 years, including a grace period and some flexibility in the payment structure according to the club. The payments will begin once work is completed on Camp Nou, which they say will bring in €247m per year.
The Blaugrana did not reveal at what rates of interest the various agreements were signed at, which will dictate the ultimate cost of the project for Barcelona.
The club emphasized the deal as proof of their ‘credibility’ and highlighted that Barcelona were owned by their 146,000 members. Barcelona are keen to send that message amidst some questioning whether the precarious financial situation will eventually lead to the privatisation of the entity.
