Spanish LaLiga football club Valencia has revealed plans to use funds from the league’s new strategic venture with global investment fund CVC Capital Partners to help finance the construction of its new stadium.
Valencia is set to receive approximately €120.7m (£103.5m/$135.9m) from the league as part of the new venture, which was ratified last week by the LaLiga General Assembly.
According to Marca, Valencia will allocate €80m of these funds to the stadium project, with the aim of starting work in September 2022.
In a message to shareholders, Valencia president Anil Murthy said further details about the new stadium would be announced in due course.
[“We will] present a plan to start as soon as possible,” Murthy said. “We have all the ingredients. We estimate that [it will start] in September 2022, due to the issue of licenses with the administrations.”
Valencia’s finance manager Inma Ibáñez previously said that 70% of the CVC venture funds would go towards club infrastructure, while 15% would help alleviate debts incurred as a result of COVID-19, and the other 15% for player transfers.
Meanwhile, Valencia’s LaLiga rival Sevilla has set its sights on constructing a new stadium by 2025.
José María Del Nido Carrasco, first vice president of the club, told 2Playbook that the project could cost as much as €300m, with the stadium to be the team’s home for the next 50 years.
The new stadium would be built on the site of the team’s current Sánchez Pizjuán home.
Image: Guzmán Barquín on Unsplash
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