Barcelona has been in frequent contact with financial banking giants ever since Joan Laporta was brought in. Laporta helped them to not only get out of financial difficulties but also to fund their sporting endeavours.
What is Espai Barca project ?
The project, which would focus on renovating Spotify Camp Nou and the surrounding area, was first proposed back in 2021. It means that starting in the 2023-2024 season, Barcelona will host its home games at the Olympic Stadium in Montjuic. It was disclosed that the project would be funded with a €1 billion investment from investors and a €500 million bank loan. On Thursday, the Barcelona board approved this plan. Now that all parties have agreed to the funding’s parameters, El Confidencial (via Marca) has stated, Barcelona can anticipate that work will start at the end of this season.
Espai Barca has generated a lot of enthusiasm among Barcelona authorities and supporters. Therefore, club’s new age can now start in earnest very soon.
Barcelona grabs a loan deal from Goldman Sachs and JP Morgan
Gerard Romero claims that Barcelona just reached a funding agreement for the Espai Barça project with financial giants JP Morgan and Goldman Sachs. Barça has a great working connection with each of these banking institutions. Also Barca has previously used them for finance and loans. According to the source, Barça has now decided to finance this project with €1.5 billion. It is anticipated that the club will have to pay interest of 5.5 percent, which is viewed favourably from the club’s perspective.
Barcelona had trouble coming to an agreement because of a number of circumstances, including the ongoing conflict in Russia and Ukraine and the state of the world’s financial system. These circumstances has seen banks like Credit Suisse and Silicon Valley Bank collapse since the year’s beginning. The Espai Barça project can finally commence in September thanks to the agreement. Over the past year or so, the club has authorised demolition projects across the stadium. It now appears that the project is about to get underway very soon.
While the loan itself, which lacks any significant security or even a mortgage, will expire in 25 years. Barcelona has reserved the ability to refinance a portion of the debt for the first time in years.
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