Valencia CF secures $377 million financing for Nou Mestalla stadium
SINGAPORE (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, with Spain's La Liga providing support to the club in the process, according to the statement.
($1 = 0.8547 euros)
(Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and David Evans)
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