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In addition to the football stadium, the project, called 'Espai Barca', includes spending on other club facilities.
Barcelona on Monday, April 24 announced that they had secured 1.45 billion euros (approximately KSh 214 billion) in funding for a redevelopment plan and would start the renovation of the Camp Nou stadium on Thursday, June 1.
The club revealed in a statement that the money had come from deals with 20 investors who would receive repayment over periods of between five and 24 years.
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16:02 - 24.04.2023
Barcelona makes Chelsea’s Pierre-Emerick Aubameyang their top transfer target
Chelsea striker Pierre-Emerick Aubameyang has been a shadow of himself since he joined the Blues and has been frozen out of the team.
As reported by AFP, Barcelona said they would start paying back the loans when the work was completed.
In addition to the football stadium, the project, called 'Espai Barca', includes spending on other club facilities.
It includes 420m euros (approximately KSh 62 billion) earmarked for the Palau Blaugrana, home of the club's basketball and handball teams, and 20m euros (approximately KSh 2 billion) for the Johan Cruyff stadium where the men's reserve and women's football teams play.
The club expect the work on the Camp Nou to be completed by 2026. The men's first team will play at the Olympic stadium on Montjuic before returning in the 2024-25 season to a Camp Nou not yet at full capacity.
The club is emerging from a financial hole which led to losses of 481 million euros (approximately KSh 71 billion) in 2020/21 which led to the departure of the club's all-time leading scorer Lionel Messi.
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19:24 - 24.04.2023
Atletico Madrid president speaks on possibility of Messi and Ronaldo return to Laliga
Enrique Cerezo, Atletico Madrid Chief has claimed that it would be fantastic to have Lionel Messi and Cristiano Ronaldo return to LaLiga.
Last summer the club raised around 750 million euros (approximately KSh 110 billion) by selling 25 percent of their La Liga television rights for the next 25 years and 49 percent of its Barca Studios.
Barcelona are keen to follow in the footsteps of their main Spanish rivals, Real Madrid, who began the latest renovation of their Bernabeu Stadium in 2019.
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