September 16 – LaLiga’s Valencia CF has called in investment bank Goldman Sachs to raise €120 million as the club looks to reschedule its debt and provide cash to complete its Nou Mestalla stadium, 15 years after construction was halted.
The club is looking to refinance the debt it has with CaixaBank and its largest shareholder, Peter Lim.
Goldman Sachs has begun marketing the opportunity and is expected to have proposals secured by the end of the month.
Valencia in the 2019/20 financial year reported revenue of €172 million but in the covid-impacted 2020/21 season, revenue dropped to €108 million.
The club’s debt was reduced by 13% in the 2022/23 season but still stands at an uncomfortable €297 million, though 2034/24 figures have not been reported.
Construction on the Nou Mestalla was suspended in February 2009, but this July a license was granted to restart building work which is expected commence before the year end.
In May the club sold the commercial land adjacent to the new stadium for €30 million to Atitlan Desarrollos Inmobiliarios, a subsidiary of Grupo Atitlán. This new money triggered the process of restarting stadium works.
Contact the writer of this story at moc.l1734896767labto1734896767ofdlr1734896767owedi1734896767sni@n1734896767osloh1734896767cin.l1734896767uap1734896767