Barcelona land £1.3BILLION funding for massive Nou Camp upgrade… but it will take 24 YEARS to pay off | The Sun
BARCELONA have secured a £1.3billion loan for a massive upgrade of the Nou Camp and its other facilities.
However, it will take the club 24 YEARS to pay off the debt.
On Monday Barcelona revealed the financing of this deal was backed by 20 unidentified investors, described by the club as "some of the main prestigious financial entities around the world".
The stadium upgrade will see the Camp Nou's capacity rise from 99,000 to 105,000.
The Catalan giants confirmed they would be paying off the debt incurred over a span of five to 24 years.
Income generated from the club's stadium sponsorship with Spotify will be used to pay back the debt.
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Barcelona also revealed the debt was not taken out against assets and no mortgage was taken out against the stadium.
Repayments for the £1.3bn deal will begin "once work has been completed on the stadium".
Barca, who currently sit top of La Liga, have been riddled with financial issues for some time, culminating in the loss of Lionel Messi.
President Joan Laporta restructured the club's short-term debt with the help of financers such as Goldman Sachs and JP Morgan.
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This saw Laporta cut costs in order to save the club from financial ruin after he inherited a debt of £1.15bn.
Barcelona have also been embroiled in further controversy regarding alleged payments made over 17 years to José María Enríquez Negreira, who served as the vice-president to Spain’s refereeing committee.
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