Barcelona said on Monday that it had finalized a financing deal worth one billion and 450 million dollars that will enable the club to renovate the Camp Nou stadium and the surrounding area, after renegotiating the initial terms.

Barcelona added that the club had signed an agreement with 20 investors, including Goldman Sachs and JPMorgan.

The Spanish club will repay the investors in gradual installments after 5, 7, 9, 20 and 24 years in a flexible framework with a grace period.

This means that Barcelona will finish paying off the debt 6 years earlier than previously agreed, after renegotiating what was initially a 35-year deal approved in a referendum for club members in 2021.

Barcelona revealed in a statement on its official website that it "will start reimbursing the cost once the work on the stadium is completed, using the income generated by the Spotify Camp Nou stadium, which is expected to reach about 247 million euros."

The club added that it will hold a press conference to give more details on the financing deal in the coming days.

The announcement comes 24 days after the previous deadline of 31 March for a deal had passed. The club said at the time that negotiations were still ongoing.

Ratings agency Kroll Bond said in reports posted on its website that the initial debt structure has since been adjusted.

The agency added that the revised structure included additional refinancing and interest rate risk. As a result, it downgraded the funding scheme making it less attractive to investors.

The Camp Nou is the largest football stadium in Europe and the fourth largest in the world in terms of capacity, with 99,354 seats.

But the Catalan club said their stadium no longer offered fans a full benefit on match day.