Latest news with #NouMestalla
Yahoo
5 hours ago
- Business
- Yahoo
💶 Valencia secure €322 million, funds for the new Mestalla wrapped up
The club has secured the necessary funding to continue the construction of its new stadium, which is expected to be one of the largest in Europe. Valencia CF has announced the acquisition of 322 million euros to finance the construction of the Nou Mestalla, a project aimed at creating one of the largest stadiums in Europe. This step allows the resumption of works that began in 2007 but were halted in 2009 due to financial problems. Advertisement The new agreement includes the issuance of 237 million euros in bonds, with a repayment period of 28 years and an average amortization of 20 years, backed by a BBB credit rating, which indicates solid credit quality. In addition, a credit of 85 million euros has been obtained, to be repaid in five years, which will be covered by the income generated from the sale of the current Mestalla stadium's land. In the statement, Valencia highlights that "this operation has a solid credit rating of BBB (Investment Grade), granted by a rating agency that has been involved in the financial evaluation of top-level sports venues built in Europe in recent years." The Nou Mestalla is designed to be a modern stadium with great capacity, which could position it as a benchmark in European football. Furthermore, the project is expected to boost the local economy by generating jobs and attracting visitors. The club has indicated that it will provide regular updates on the progress of the construction. This article was translated into English by Artificial Intelligence. You can read the original version in 🇪🇸 here. 📸 Manuel Queimadelos Alonso - 2010 Getty Images
The Sun
5 hours ago
- Business
- The Sun
‘World's greatest stadium' which was left abandoned for 16 years finally gets opening date as club secure £275m funding
A STADIUM dubbed the 'world's greatest' has finally got an opening date after being left abandoned for 16 years. Valencia's Nou Mestalla is no longer a dream after the Spaniards secured £275million of founding the finally complete the construction of their long-awaited arena. 6 6 Boasting over 70,000 seats, the Nou Mestalla has been billed by Valencia as a 'global benchmark for modern stadium developments.' It was meant to open in time for the 2009/10 LaLiga season as the club, then a national powerhouse, looked to take advantage of global stars including David Silva, Juan Mata and David Villa. However, Valencia ran into financial difficulties in 2008 as they racked up staggering debts of £350m. The club also failed to find a buy for their old Mestalla stadium, which holds 50,000 seats and continues to serve as their home to this day. And even a £90m bank loan was denied to Valencia's owners at the time, thwarting their stadium plans altogether. It saw building work on the Nou Mestalla put on ice, with the ground being left to rot for the past 16 years. But now, Valencia have announced they've secured funding worth £275m which will finally see construction completed. The club are aiming to kick things off at the Nou Mestalla in 2027 and are confident it will greatly increase revenue streams, thereby returning Valencia to their rightful place in the LaLiga title race. According to a press release, the arena will also transform the local community by turning the stadium into a 'year-round entertainment venue.' And the Nou Mestalla could now be included as one of the host stadiums when Spain, Portugal and Morocco hold the World Cup in 2030. Work restarts on 'world's greatest football stadium' that had been abandoned for 16 years as £250m revamp is agreed 6 6 Valencia president Kiat Lim beamed: 'This marks a historic milestone for Valencia. Securing this landmark financing gives us the green light to deliver a Nou Mestalla — a world-class stadium that will power the Club's growth for generations. 'It is the clearest expression of our long-term commitment to Valencia, and a reflection of the trust and confidence the Club now commands in global financial markets. 'With this agreement, we are building more than a stadium — we are building the future of Valencia.' 6 6
New York Times
7 hours ago
- Business
- New York Times
Valencia secure €322m funding to finally complete Nou Mestalla stadium
Valencia have announced the securing of €322million in funding organised through Goldman Sachs which the La Liga club say will allow them to finally complete the long-delayed new Nou Mestalla stadium. The 70,000-capacity stadium is now due to be ready in 2027, with Valencia's announcement saying a €237m loan would be paid back over 28 years, while €85 million of the financing would be prepaid from selling the land on which its current Mestalla ground sits. Advertisement 'This marks a historic milestone for Valencia CF,' Valencia president Kiat Lim said in the statement. 'Securing this landmark financing gives us the green light to deliver Nou Mestalla — a world-class stadium that will power the club's growth for generations. It is the clearest expression of our long-term commitment to Valencia, and a reflection of the trust and confidence the club now commands in global financial markets. 'With this agreement, we are building more than a stadium — we are building the future of Valencia CF.' Valencia's new stadium was first announced in November 2006, and work started the following August. Work was halted in February 2009, when the club's then owners ran out of money, after around €100m had already been spent constructing a concrete bowl base. Current club owner Peter Lim (Kiat's father) was then involved in a long-running dispute with the local authorities over permits required for construction, which were finally resolved ahead of work restarting at the site in January 2025. €80m from La Liga's deal with private equity fund CVC has already been committed to paying for the new stadium, with over €30m also raised through the sale of over 40,000 square metres of space beside the new ground for the construction of two residential and commercial towers. Among the club's legacy financial problems inherited by Lim was an €89m loan with local lender Caixabank, for which the old stadium was collateral. Last November, Valencia announced a debt restructuring which included a long-term corporate facility of €121m and a short-term bridging loan facility of €65m, provided by Goldman Sachs. Nou Mestalla will also feature around 7,000 VIP seats and facilities for non-football events, so the stadium can provide a boost to club revenues, help pay back the costs of construction, and their other existing liabilities. Valencia fans might receive the news of the new financing agreement with mixed feelings. The Lim family are very unpopular in the city, with regular protests against their ownership, so this apparent reaffirmation of their long-term commitment makes a sale of the club in the short or medium-term seems less likely. Advertisement There is also a deep emotional connection to the Mestalla ground, currently the oldest in La Liga, where Valencia have played since 1923. The 2027 completion date also puts the new stadium back in the running for games when Spain co-hosts the 2030 World Cup, after it was left out of the initial Spanish federation plan for the tournament. (Jeroen Meuwsen/Soccrates/Getty Images)
CNA
8 hours ago
- Business
- CNA
Valencia CF secures US$377 million financing for Nou Mestalla stadium
SINGAPORE: Valencia CF has secured financing totalling €322 million (US$377 million) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday (Jun 26). The financing, comprising €237 million of notes and €85 million of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement. "Securing this landmark financing gives us the green light to deliver Nou Mestalla - a world-class stadium that will power the club's growth for generations," Kiat Lim, Valencia CF President, said in the statement. Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner. The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at its old Mestalla facility, Valencia CF said. "Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said. Valencia CF was advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs, with Spain's La Liga providing support to the club in the process, according to the statement.
Reuters
9 hours ago
- Business
- Reuters
Valencia CF secures $377 million financing for Nou Mestalla stadium
SINGAPORE, June 26 (Reuters) - Valencia CF has secured financing totaling 322 million euros ($377 million) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday. The financing, comprising 237 million euros of notes and 85 million euros of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement. "Securing this landmark financing gives us the green light to deliver Nou Mestalla - a world-class stadium that will power the club's growth for generations," Kiat Lim, Valencia CF President, said in the statement. Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner. The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at its old Mestalla facility, Valencia CF said. "Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said. Valencia CF was advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs (GS.N), opens new tab, with Spain's La Liga providing support to the club in the process, according to the statement. ($1 = 0.8547 euros)
