Featured image credit: CF Intercity
Premium experiences company Legends has presented Spanish football club CF Intercity with its financial and market feasibility study for Alicante Park, a new sports and entertainment complex that will be anchored by a 20,000-capacity stadium.
Legends is developing a ‘double venue’ concept, with shared central facilities designed to maximise the flexibility of the event calendar.
The outdoor concert and event venue will have a capacity for more than 20,000 people, a permanent stage, and 5,000 fixed seats. Adjacent to this stadium will be a football venue for the province’s use, where CF Intercity will play its matches. The second stadium will initially have 5,000 fixed seats and will be expandable in the future.
Legends’ report envisions the complex hosting up to 30 concerts a year. The estimated investment for the construction of Alicante Park is €33m (£27.6m/$35.6m), which includes the development of the facility and the purchase of the land.
Legends estimates a turnover of €8m and an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of more than €3m in the first year of construction.
In a statement, CF Intercity noted the “confidential nature” of Legends’ plan. The club has reported on the scope of the study and the key points of the report, and will communicate additional details where appropriate.
The first conclusion is that the presented financial plan supports the development of Alicante Park, with positive economic projections and a significant economic return for Alicante, its province, and the wider Valencia community.
The analysis of the project indicates that Alicante Park has the potential to generate an estimated annual economic impact of over €100m, considering the direct effects and including the additional wage bill of between €15m and €20m resulting from job creation.
CF Intercity currently plays in the Primera Federación, the third tier of Spanish football. Earlier this year, the club entered into an irrevocable purchase option for a package of land to house the Alicante Park complex.
The 100,000 square metres of land in Alicante formerly housed a ceramics factory, with Intercity now holding purchase rights for a 12-month period that commenced on January 30. The deal was agreed by club subsidiary Intercity Park.
Legends initially partnered with CF Intercity in December.
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