Next Tuesday, December 16th, Regular and Extraordinary General Meetings of Betis. The moment when the board of directors provides details to shareholders about the current status of the Heliopolis entity. Among the issues highlighted are: … Construction has been underway since September. Benito Villamarin Stadium.
The information accompanying the convening of the general meeting includes a section referring to the renovation works of the stadium, recalling that “the demolition and foundation works have, in principle, been contracted out separately in order to comply with the planning schedule, while the tender process and award of the project implementation contract have been carried out, but as of the date of the preparation of these accounts, these have not yet been finalized due to insufficient definition of some aspects of the building project.”
Regarding the architect’s project, “We have conducted a verification and evaluation study by a professional and independent technical third party and have estimated that the construction costs will be as follows.” Approximately 160 million euros There is a fluctuation range of 10% up and down. ”
The green and white company added: “Agreement has been reached on the financing of the project and we are awaiting the execution of a construction contract for final formalization. This financing agreement is planned with a financial institution with recognized long-term repayment capacity and is based on an economic study conducted by an independent third party, ensuring that the incremental revenue generated by the new stadium will not only cover debt repayments, but will also significantly increase the company’s cash flow.”
Earlier this year, Seville’s ABC reported that the estimated investment in the new sports venue and real estate complex to be built next to it is around 150 million euros. In the summer of 2023, Betis’ first valuation placed an investment of around $70 million on Benito Villamarin’s work alone.
temporary deadline
As for the timing, Heliopolis assumes it could take longer than the two years originally stated. “Initially, our strategic plan and action plan planned to carry out the project in two seasons. That idea ultimately remains, but given the circumstances and the deadlines, it is true that it is probably more likely to extend over two seasons,” Real Betis general director Federico Martínez Feria commented this week.
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