DLA Piper advises on Valencia funding

DLA Piper has announced its role in advising a consortium of institutional investors and bank lenders, notably Goldman Sachs, on a substantial EUR332 million financing package aimed at the redevelopment of Valencia Club de Fútbol's home stadium, Nou Mestalla. This innovative financial arrangement has been structured through a Spanish securitisation fund that encompasses all future business operations linked to the Nou Mestalla, along with forthcoming developments nearby the new stadium. This move follows a prior media rights financing package secured by the club in 2024, both of which significantly advance Valencia FC's strategic roadmap.

Once completed, Nou Mestalla is set to receive FIFA's highest stadium ranking, boasting a capacity exceeding 70,000 spectators. Additionally, it is designed to support a variety of services for both match days and non-match days, aligning with the standards of other recently modernised sports venues.

The financing initiative has seen contributions from a multi-jurisdictional team within DLA Piper, led by partners Charlotte Lewis-Williams (Finance), Andrés Lorrio (Capital Markets), José María Oliva (Real Estate), alongside senior counsel Tony Lopez from New York and counsel María Alonso in tax matters. The team was further supported by senior associates Francesco De Micheli and Alberto Rubio, along with various associates spanning finance and real estate.

Commenting on this funding, Charlotte Lewis-Williams noted that "the Spanish football sector presents a compelling investment opportunity, underpinned by strong global fan engagement, evolving commercial models, and increasing regulatory clarity." She further remarked, "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."

Adding another layer to this financing narrative, Andrés Lorrio remarked that "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." He also expressed optimism for the local region, stating, "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 has recently completed several notable transactions in the sports sector, including a EUR125 million refinancing for Real Betis Balompié, a EUR121 million long-term corporate facility and EUR65 million short-term bridging loan for Valencia Club de Fútbol, and a EUR385 million refinancing for Olympique Lyonnais Group. The firm's European Sports Finance team plays an integral role within its Media, Sports, and Entertainment sector, reflecting DLA Piper’s ongoing commitment to supporting the financial and structural realignment of sports institutions across Europe.