Barcelona will have to move out of their Camp Nou home for the 2023-24 campaign
Barca’s project – known as Espai Barca – will coincide with the club’s plans to sell the naming rights to the Camp Nou to a third party, with negotiations thought to be ongoing with several companies.
Barca’s general director Ferran Reverter has this weekend claimed that the idea is for the renovation works to be completed by 2025 – with the club taking out a loan spanning 35 years to cover the costs, with a belief that the new revenue stream will eventually make the venture a profitable one.
Reverter outlined the need for renovating the stadium, which he claimed was in desperate need of a revamp with many of the more expensive seats exposed to the rain due to the leaking roof.
He said: "Against Benfica (in the Champions League last week), some fans had lots of water falling on them."
It is believed that the stadium’s Olympic Stadium – also known as the Estadi Olímpic Lluís Companys – is the most likely venue to house Barca during the Camp Nou’s renovation.
With a current capacity of 60,713 seats, the stadium which hosted the 1992 Olympic Games is the second largest in Catalonia and fifth in Spain.
Club president Joan Laporta has moved to reassure fans that the decision to take out a fresh loan for the project is the right one.
Laporta has said: "It is not an expense, it is an investment that can generate great benefits for Barça.
"€145m has been spent already and only 5 percent of the work has been carried out, which was valued at €600m at the time.
"Espai Barça will be financed by itself thanks to the additional income that it will generate.
"We have estimated it to be around €200m more and it will not cost the members money, it will not represent an increase in the club's ordinary expenses, nor will it jeopardise the leadership or weaken the sports management."
Reverter has added that there are 67 stadiums in Europe that are more modern than Camp Nou while in Spain, seven of the nine stadium that have more than 40,000 spectators have already been renovated.