DLA Piper advises on EUR332 million financing to redevelop the home of Valencia Club de Fútbol

DLA Piper has advised a consortium of institutional investors and bank lenders, including Goldman Sachs as the arranger and placement agent, on the EUR332 million financing package to support the redevelopment of Valencia Club de Fútbol's stadium, Nou Mestalla.

The financing has been arranged through a Spanish securitisation fund, with an innovative and complex structure where all future business related to the Nou Mestalla has been securitised, along with future developments adjacent to Valencia FC's new stadium. This funding follows the club's 2024 media rights financing package, which allows the club to advance and accelerate its strategic roadmap.

Nou Mestalla will have FIFA's highest category for a football stadium, capacity for over 70,000 spectators, and will offer a wide range of services for both match- and non-match day, comparable with other recently modernized stadiums.

The multi-jurisdictional team from DLA Piper's London, Madrid and New York offices was led by Charlotte Lewis-Williams (partner, Finance), Tony Lopez (senior counsel, New York), Andrés Lorrio (partner, Capital Markets), José María Oliva (partner, Real Estate) and María Alonso (counsel, Tax). They were supported by Francesco De Micheli and Alberto Rubio (both senior associates, Finance), Pablo Gamboa (associate, Real Estate), Natasha Chong, Simran Bal and Sara Espina (associates, Finance) and Diego Sánchez (associate, Corporate).

Commenting on this funding, Charlotte Lewis Williams said: "The Spanish football sector presents a compelling investment opportunity, underpinned by strong global fan engagement, evolving commercial models, and increasing regulatory clarity.

"This financing is another example of how our cross-border team has supported the liquidity and growth plans of European football clubs as they transform from iconic institutions to dynamic platforms for growth and innovation."

Andrés Lorrio added: "This ambitious project marks a strategic milestone in the evolution of Valencia Club de Fútbol, which is preparing to modernise its business model through a state-of-the-art multi-purpose stadium. Furthermore, after a very difficult period for the province and city of Valencia, this is an exciting project that will significantly increase the city's appeal and of which the Club's fanbase will be deeply proud."

DLA Piper's recent transactions in the sports sector include:

EUR125 million refinancing for Real Betis Balompié

Valencia Club de Fútbol's EUR121 million long-term corporate facility and EUR65 million short-term bridging loan facility

EUR108 million refinancing package for Sevilla FC

EUR385 million refinancing of Olympique Lyonnais Group

45 billion financing of FC Barcelona's Spotify Camp Nou, the financing of FC Barcelona's (FCB) media rights (and FCB's sale of certain other La Liga media rights)

DLA Piper's European Sports Finance team is part of the firm's Media, Sports, and Entertainment sector.

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