Barcelona have confirmed plans for renovating the Camp Nou.
The Catalan club want to expand their seating range at the stadium from 99,000 seats to a capacity of 105,000.
Barcelona vice president Jordi Moix has announced that despite having financial losses, the board has given the green light for the expansion of the stadium. Moix has further stated that although the club is suffering financially, the stadium renovation will pay itself back in the future and will be hugely profitable to the club in itself.
“Espai Barca is needed more than ever because of COVID,” Moix told Reuters.
“It’s a way to re-engine the economy of the city and the club and generate new revenues, but we have to put that investment in.
“We have a stadium where nothing new has been done since 1982, so there is a bunch of activities and potential revenues that we don’t have now in the stadium that will be generated in the new one.
“So we agreed a scheme where Goldman has the right to be paid as a guarantee for the repayment on those revenues year-by-year.”
Moix also stated earlier that pay cuts for Barcelona employees are going to be administered to cope with the financial situation.
“We didn’t create Covid,” Moix said. “The €200m income we didn’t have this season is not the result of our mismanagement.
“The reduction is not necessarily for the players, it is possible that there will be mixed formulas for different cases.
“Contracts can be adapted following sporting criteria, proportionality criteria and sporting circumstances.
“This is an exceptional situation and we have to look for solutions in the club to balance the budget in the best possible way
“Avoiding job losses in the future is what we must prioritise.”
According to us, Barcelona’s decision to expand the stadium might not be the smartest move, but if Moix predicts correctly, in time the club will profit.