FC Barcelona set this March 31 to get the final ‘ok’ from investors to finance the Espai Barça. Everything seems to go on schedule. As per La Vanguardia this Saturday, Barça already has a green light and a formal commitment from investors. They will contribute the 1,500 million euros that the project will cost. A financing that has been led by Goldman Sachs next to JP Morgan.
According to the information cited, it is a long-term project and comforted by the income generated by the new facilities. Therefore, the club and the board convinced investors to give the definitive yes and the financing has not been jeopardized.
Nor did it convince investors, nor did it convince the award of the works of the project of the Espai Barça to Limak, a Turkish construction company with no experience in sports stadiums and would have cost an increase in the interest rate above 0.25, reaching almost 6% with a term of 26 years.
In addition, the institutional situation of the club, with the Negreira Case in full swing, has not made it easy either and the future creditors awaited explanations from President Laporta, which did not arrive. Although according to LV, it has created concern, but at no time has it endangered the investment.
Form of financing and renegotiate after 5 years
From now on, the money will be provided as the project progresses and there will be a control by the international real estate consultancy Jones Lang Lasalle, which acts on behalf of the financing leader, the Goldman Sachs bank.
Therefore, Barcelona will receive the 1,500 million in different items. Although 180 million will go directly to amortize the part that it paid at the time Godman Sachs for the first part of the project Espai Barça (the works of the Mini and the demolition of the third tier of the Camp Nou).
In these last days, the last fringes are being closed. Meanwhile Barcelona requested that from the fifth year part of the credit can be renegotiated. In that way the club wants to qualify for lower interest rates.