Barcelona is going through a severe financial crisis. While it looks to renovate Camp Nou, it will be able to do so soon, thanks to funding that the club has secured, which happens to be around €1.45 billion.
Spanish giants Barcelona is not in the best financial situation right now, as it struggles to make player signings. Following La Liga's strict financial regulations, it has since let its Argentine superstar Lionel Messi go. It has also been working hard to reduce its wage bill to sign and register new players.
Having signed Robert Lewandowski last season, it is again in the works to bring Messi back amidst the financial chaos. In the meantime, the renovation of its home ground of Camp Nou has been on the club's card for quite some time. However, it has received a significant boost for the latter, having secured funding of €1.45 billion that would see not only the venue's regeneration but also its adjoining areas.
Barca issued a statement that confirmed that "club assets were not used as a guarantee, and a mortgage wasn't taken out on the stadium". At the same time, the repayments would be done in instalments "with a flexible structure" at five, seven, nine, 20, and 24 years. "This operation once again confirms the club's credibility regarding the Spotify Camp Nou project, the epicentre for Espai Barca," it said.
"The project is essential to keeping Barcelona at the forefront of world sport, is one of the foundations for the club's economic recovery and future viability, and is a tool to enable the continuation of the governance model, whereby the over 1,46,000 Club members are its owners. In the coming days, the club will hold a press conference regarding the details of the operation," concluded the statement.
ALSO READ: Has PSG given up on Lionel Messi's contract extension talks?
The renovation work will start following the conclusion of the 2022-23 season. The Catalans will be playing their home matches of the upcoming season at the Olympic Stadium in Montjuic, while they are expected to be back at Camp Nou by later 2024.