Barcelona bring in Goldman Sachs to support Camp Nou funding drive
Barcelona, the defending champions of Spanish soccer’s LaLiga, have appointed US banking giant Goldman Sachs to advise them on sourcing funding for the redevelopment of their Camp Nou stadium.
The project, which includes a replacement for the Palau Blaugrana, the adjacent indoor arena, and a new hotel and shopping centre, is earmarked to cost €600 million ($700 million).
It is envisaged that the Espai Barça venture will be financed through commercial deals, the sale of stadium naming rights and a syndicated loan.
Goldman Sachs will help to secure the loan for Barcelona, and look for other forms of financing, including bond issues, according to the El Confidencial newspaper.
The investment bank has previously worked with various teams on the funding of stadium projects, including the NFL’s San Francsico 49ers for their Levi’s Stadium home, and more recently English soccer’s Tottenham Hotspur and Italy’s AS Roma.
Barcelona are looking to raise up to €300 million from a first-ever naming rights sponsorship deal for the Camp Nou, and Rakuten, the Japanese e-commerce company that is the club’s shirt sponsor, has recently been linked with the opportunity.
It is anticipated that the renovation work will start next year, and be completed by the end of 2021 or early 2022, with the capacity of the stadium rising from just over 99,000 to 105,000 in the process.