FC Barcelona have announced they have received funding worth a staggering €1.45 billion (R29.1 billion) for their new mega project.
The Spanish giants have confirmed that they have secured the necessary funding for their Espai Barca project, which will focus on refurbishing the Spotify Camp Nou stadium and its surrounding areas.
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Plans for the project were first announced back in 2021 and construction is now set to get underway, with the club also set to move their home games to the Olympic Stadium in Montjuic next season while the stadium is renovated.
A statement on the team's official website read: "FC Barcelona has agreed financing for Espai Barca as planned, ensuring the start of work to renovate Spotify Camp Nou and fulfilling the criteria approved during the referendum.
"The Club's assets were not used as a guarantee and a mortgage wasn't taken out on the stadium. The Club agreed financing with a total of 20 investors to the value of 1.450 billion Euro, a figure that covers the cost of the works for Espai Barca."
According to El Confidential, investors have raised €1 billion (R20 billion), while an excess of €500 million (R10 billion) was secured through a bank loan for the project.
The undertaking also includes the building of the Palau Blaugrana sports hall, the development of the Campus Barca sports and entertainment space, the renovation of club offices, and other works on the club's infrastructure.
The current stadium will be partially demolished and expanded from 99 354 to 105 000 seats, improving its record as the venue with the largest capacity in Europe.
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Turkish construction company Limak, who will oversee the works, affirmed that "the new Camp Nou will not have to be touched for 35 years", per Spanish outlet Sport.
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