Latest news with #NouMestalla
Malay Mail
a day ago
- Business
- Malay Mail
Singapore tycoon Peter Lim and son Kiat drive Valencia's €322m stadium push with 2027 opening set
SINGAPORE, June 27 — Singapore tycoon Peter Lim is not stepping away from Valencia CF, as the Spanish football club announced it has secured €322 million (RM1.6 billion) in financing to complete its long-delayed new stadium, the Nou Mestalla. Scheduled to open in 2027, the 70,044-seat stadium will be Spain's fourth largest, behind the redeveloped Nou Camp, Santiago Bernabeu, and Metropolitano Stadium, according to a report in The Straits Times today. Valencia president Kiat Lim, Peter Lim's son, hailed the financing as a 'historic milestone', saying it would enable the club to deliver a 'world-class stadium' and reflects growing global investor confidence in the club. The financing includes a €237 million note issuance with a 28-year maturity and an €85 million five-year loan, which will be repaid using proceeds from the sale of the current Mestalla site. 'This new stadium is a game-changer — in revenue potential and fan experience,' said Kiat, who took over as president in March. Valencia president Kiat Lim, Peter Lim's son, hailed the financing as a 'historic milestone', saying it would enable the club to deliver a 'world-class stadium' and reflects growing global investor confidence in the club. — Picture from social media Valencia have played at the ageing Mestalla since 1923; construction of the new stadium began in 2007 but was halted in 2009 due to financial troubles, years before Peter Lim rescued the club from bankruptcy in 2014. Despite recent on-pitch struggles, Valencia still drew strong home crowds, averaging over 43,000 fans per game last season, with season ticket holders filling 90 per cent of seats. The Nou Mestalla will offer 6,500 hospitality seats, compared to fewer than 500 at the current ground, and is expected to more than triple the club's revenue through expanded hospitality, naming rights, and year-round events. The club also envisions the stadium becoming a multifunctional venue hosting entertainment, business, and leisure activities, helping transform it into a regional hub. Kiat said the venue will operate '365 days a year' and match the club's long-term vision, describing the project as more than just a stadium, but the 'future of Valencia CF'. Peter Lim's Meriton Holdings has committed over €200 million to the club, the most by a single investor in La Liga history, keeping Valencia financially stable and able to fund major projects like this. The stadium financing follows a corporate refinancing completed in November 2024, in which the club consolidated €186 million of debt, further strengthening its financial position.
Yahoo
2 days 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
2 days 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
2 days 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
2 days 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.
