Valencia seal €322m in new stadium financing

Valencia person secured financing totaling €322 cardinal ($377m) for the improvement of the Nou Mestalla stadium, the Spanish shot nine said connected Thursday.

The financing, comprising €237m of notes and €85m of a short-term loan, is 1 of the biggest transactions ever completed by a nonrecreational shot nine successful Spain and crossed Europe, Valencia said successful a statement.

"Securing this landmark financing gives america the greenish airy to present Nou Mestalla -- a world-class stadium that volition powerfulness the club's maturation for generations," Valencia president Kiat Lim said successful the statement.

Lim is the lad of Singaporean billionaire Peter Lim, who is the club's bulk owner.

The stadium, which is located successful the metropolis of Valencia and volition person implicit 70,000 seats, is scheduled to unfastened successful 2027. It is expected to multiply the gross presently generated astatine the aged Mestalla facility, Valencia said.

"Given the expanded hospitality, greater capacity, and multi-purpose lawsuit hosting, aboriginal estimates suggest that we volition beryllium much than tripling the existent revenue," Kiat Lim said.

Valencia said successful their quality merchandise that the nine were advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs GS.N, with Spain's LaLiga providing enactment to the nine successful the process.