Spanish La Liga football club Valencia have accepted a $128 million offer to purchase the land where the club’s stadium is located, meaning construction can restart on the club’s new stadium.
Consultants Deloitte were brought in by Valencia CF to broker the deal as they looked to push ahead with a move to a new stadium.
Deloitte is responsible for the overall business plan, including the sale of assets, restructuring of debt and financing of completion of the new stadium.
Local co-operative ADU Mediterráneo have agreed to buy the land.
Valencia’s director general Mateu Alemany confirmed that the club had accepted the offer. The new stadium could be ready for the 2022/23 football season.
Valencia’s plans to build a new stadium have been on hold for a decade due to a lack of funds. The plan is for the club to leave Mestalla in around three years’ time, and Alemany said:
Being realistic about the numbers, we have forecast that the stadium will be ready for Valencia CF to play there during the 2022/23 season. That’s a logical forecast, because we need to complete the operation with the buyers. Obviously, we need to obtain all the licenses and go through all of the urban development processes, and from there the construction will take between 18-22 months.
We have to play there until we have the new stadium in the proper condition to host Valencia CF games. Until then, we have a mortgage on the stadium, with annual payments that we are making religiously and which we will continue to make. That debt will have been reduced, in three years’ time, by a significant amount in the region of 14 million euros per year.