Barcelona FC have finally secured funding to regenerate their Camp Nou stadium and the surrounding areas.
The club initially announced renovation plans in 2014, but a host of problems since have meant only a small part of the work has taken place.
The project now looks set to accelerate quickly upon the completion of the season, however, with Barca confirming on Monday that 20 investors have made €1.45 billion ($1.6 billion) available.
Barca assured concerned fans that “club assets were not used as a guarantee and a mortgage wasn’t taken out on the stadium”,
Repayments are set to be made in instalments paid at five, seven, nine, 20, and 24 years “with a flexible structure”.
“This operation once again confirms the club’s credibility regarding the Spotify Camp Nou project, the epicentre for Espai Barca,” a statement added.
“The project is essential when it comes to keeping Barcelona at the forefront of world sport, is one of the foundations for the club’s economic recovery and future viability.
“It is a tool to enable continuation of the governance model, whereby the over 146,000 Club members are its owners.
“In the coming days, the club will hold a press conference regarding the details of the operation.”
While Barca will play out the remainder of the 2022-23 campaign at Camp Nou, it had already been confirmed they are to move to the Olympic Stadium in Montjuic for next season.
Barcas is reportedly hoping to be back at Camp Nou in late 2024.