Valencia have secured financing totaling €322 million ($377m) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday.
The financing, comprising €237m of notes and €85m of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement.
"Securing this landmark financing gives us the green light to deliver Nou Mestalla -- a world-class stadium that will power the club's growth for generations," Valencia president Kiat Lim said in the statement.
Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner.
The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at the old Mestalla facility, Valencia said.
"Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said.
Valencia said in their news release that the club were advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs GS.N, with Spain's LaLiga providing support to the club in the process.