VALENCIA CF SUCCESSFULLY COMPLETES €322 MILLION FINANCING FOR NEW STADIUM; NOU MESTALLA WILL BE ONE OF THE LARGEST STADIUMS IN EUROPE

Valencia CF has successfully secured the full financing for Nou Mestalla — the most significant non-sporting project in the Club’s history.

Scheduled to open in 2027, Nou Mestalla will serve as a global benchmark for modern stadium developments. The modern state-of-the-art stadium will drive Valencia CF’s growth and unlock new long-term sustainable revenue streams that will strengthen the Club’s influence and competitiveness for decades to come.

Nou Mestalla is not just a transformative investment for Valencia CF - it will be a landmark and legacy project for the city and is set to become an iconic symbol for Valencia CF fans, benefiting the city of Valencia, its residents, and visitors.

This new stadium has been designed in line with the world’s leading multifunctional venues and is expected to multiply the revenue currently generated at the old Mestalla facility. Nou Mestalla will become the epicentre for sport, leisure, and entertainment in the city and throughout the wider Valencia region.

Built to meet FIFA’s highest stadium classification and featuring over 70,000 seats, nearly 10% of which will be Hospitality seating, transforming every match or event into a premium experience. A wide range of dining, leisure and event-hosting options will turn Nou Mestalla into a year-round entertainment venue which will in turn significantly increase the economic potential beyond the constraints of former Mestalla.

In recent months, the Club has worked on a complex, large-scale financial structure totaling €322 million - one of the most significant financial transactions ever completed by a professional football club in Spain and throughout Europe, both in terms of scale, underlying terms and conditions, and overall impact. This project reflects the ambition of the entity and builds on the momentum generated by the corporate refinancing that was completed just 8 months ago — which strengthened the Club’s capital base by consolidating liabilities and increasing financial efficiency. This stadium financing further reinforces Valencia CF’s financial position.

The outstanding indebtedness transaction has been structured as follows:

• The issuance of notes with a maturity of 28 years, for an amount of €237 million; and
• The subscription of a 5-year loan for €85 million. The short term loan will be repaid with the proceeds from the sale of the land on which the old stadium stands after the new stadium is completed.

Both senior debt tranches have been structured through a Project Financing scheme, which offers a few significant additional advantages for the entity:

• Efficient financing, with no refinancing risk and a very long term, reducing the debt burden so that the asset itself, through its future performance, can comfortably service the agreed debt, spreading the impact of repayment very gradually.
• Non-recourse financing for the Club, so that the new debt will not compromise the financial stability or autonomy of Valencia CF´s sporting and institutional management.
• Financing with attractive terms and conditions in terms of underlying cost, grace period, repayment schedule, covenants (committed debtor ‘obligations) and associated security package.
• The new funding will allow the generation of an annual surplus, after servicing the scheduled debt, which will be automatically released to meet the corporate needs and structural growth of the entity.

This transaction received a solid BBB (Investment Grade) credit rating from a recognized credit rating agency with experience evaluating major European stadium developments in recent years.

Valencia CF was advised on the structuring of the operation by Bibium Capital (financial advisor), Addleshaw Goddard (legal advisor), Beka Titulización (Securization Fund advisor) and Goldman Sachs (structuring agent, placement agent, and lender). LALIGA has actively supported the Club throughout the process.

Kiat Lim, President of Valencia CF, stated:

“This marks a historic milestone for Valencia CF. 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. It is the clearest expression of our long-term commitment to Valencia, and a reflection of the trust and confidence the Club now commands in global financial markets. With this agreement, we are building more than a stadium — we are building the future of Valencia CF.”