The negotiations to fund a $1.6 billion renovation of Camp Nou have possibly been settled.
Several Spanish newspapers reported on Thursday that FC Barcelona will repay its debts five years earlier than initially planned as part of a renegotiated financial plan with Goldman Sachs and JP Morgan.
Barca will make the final repayment on the stadium renovations in 2047, as opposed to its original deadline of 2052.
The new plan will carry a 5.5% interest rate, though the club insisted on being able to refinance the loan after five years, once the stadium renovations are complete, to lower the rate.
The club will officially announce the adjusted plan once it’s formalized.
Thursday’s news could signal the end of a saga that began in early March when it was reported that the club was exploring new financing options for the stadium renovation. Later that month, it paused its financial plans as a reaction to rising borrowing costs in the U.S.
With that out of the way, the hallowed Spanish club will turn its attention to more pressing matters.
Barcelona is planning to activate a “super lever” to alleviate its financial woes and give it extra capital to spend on players this summer.
However, the club is also still mired in scandal for allegedly bribing a former member of La Liga’s refereeing committee to influence matches on its behalf. Spanish prosecutors launched a formal investigation last month.