April 18 – Spanish club Valencia will restart their efforts to complete the construction of their new stadium after they accepted a $128 million offer for the Mestalla stadium plot from local co-operative ADU Mediterráneo.
Valencia’s director general Mateu Alemany confirmed the deal brokered by Deloitte. The cash injection will be welcome news for Valencia who have struggled to complete work on their stadium ‘the new Mestalla.’ “Being realistic with the figures, we predict the stadium will be ready for the 2022-2023 season,” said Alemany.
The plans for the new stadium were unveiled in 2006 and the basic concrete structure was built between August 2007 and February 2009, but an economic downturn at the club halted construction and as a consequence the lavish design of the stadium was scaled down in 2013. Several club presidents have tried to reboot the project but without success.
In the tender, ADU Mediterráneo saw off three rival bids for the land. “The co-operative is not like a normal promoter, when they have enough co-operatives, that step will be taken, and Valencia will begin the construction of the stadium,” said Alemany.
“The cost is difficult to estimate before the tender, the architects are already with the execution project in order to speed up the administrative procedures and adjust the deadlines,” added Alemany.
The club has debts of over $100 million to Bankia and Caixa, but that was not considered as an obstacle by Alemany who said Valencia could continue to “amortize €14 million annually” from the deficit.
Valencia are currently ranked sixth in La Liga and they face Villareal in the quarter-finals of the Europa League.
Contact the writer of this story, Samindra Kunti, at moc.l1709018061labto1709018061ofdlr1709018061owedi1709018061sni@o1709018061fni1709018061