"The renovation of the Spotify Camp Nou has missed several deadlines over the past few years, and its reopening was thus pushed constantly until it finally opened last November, over 12 months after its scheduled reopening. Since then, the Catalans have been playing in front of 45,000 fans with Phases 1A and 1B officially granted. Yet, that capacity is less than half of the complete stadium's and the club are working hard to meet deadlines on the progress once again."
"The initial budget the Catalans set aside for the renovation was to the tune of €960 million, and construction company Limak were handed the deal for the same. Yet, the final cost of the renovation is now expected to be between €200 million and €300 million more than expected, taking the total cost of the project to over €1.2 billion."
"For a club already strapped for funds and with their hands tied, such a massive overshoot comes as a big blow. After all, they must now borrow that sum from the €1.5 billion loan taken from Goldman Sachs to pay for the stadium works. The quicker the stadium can reopen new stands, the more revenue the club can generate from ticket sales and there is thus a sense of urgency to get the approval for Phase 1C."
Renovation of Spotify Camp Nou suffered repeated delays and finally reopened last November, more than 12 months late, with Phases 1A and 1B approved and a reduced 45,000 capacity. The project has continually failed to meet time-bound deadlines and forecasts have proven inaccurate. Financially, the initial €960 million budget is set to be exceeded by €200–300 million, pushing total costs above €1.2 billion. The club must draw further on a €1.5 billion Goldman Sachs loan to cover overruns. Approval for Phase 1C is urgent to reopen stands and increase ticket revenue, but a licence is unlikely before the Levante match.
Read at Barca Universal
Unable to calculate read time
Collection
[
|
...
]