Barcelona will not play at Camp Nou next season and will move to the Estadi Lluis Companys.
They have finally received approval for plans to redevelop their stadium and the surrounding facilities.
The La Liga club recently announced that they are in the process of sealing financing for the Espai Barca project.
Negotiations will be completed next week after the Barcelona board approved the financial plan for it on Thursday night.
US investment firms Goldman Sachs and JP Morgan are expected to be Barca’s main partners on the project.
It was reported last month that Blaugrana had planned to put funding for their stadium development on hold after learning of the terms of the deal.
They have finally scaled the hurdle and will be given around £1.3 billion for the renovation of Camp Nou.
They will play away from their home ground for the first time since 1957.
Their home ground for 2023-24 is a 55,000-seater stadium located on Montjuic.
The Estadi Lluis Companys hosted the 1992 Olympics held in the city of Barcelona.
The club have since informed the City Council and UEFA of their decision to temporarily leave Camp Nou.
Fans have regularly filled up their 99,354-seater home ground this term, but almost half of them will be unable to make it to Estadi Lluis Companys.
It will result in decreased revenue in terms of matchday tickets for a club already struggling financially.
However, its long-term effect will be huge.
Barcelona’s arch-rivals Real Madrid have increased revenues by modernising Estadio Santiago Bernabeu.
English club Tottenham Hotspur have done the same by building a new stadium.
Barca know that turning Camp Nou into a multipurpose arena would be hugely beneficial financially.
They will be back in action in their famous stadium in 2024-25 and will hope to quickly turn their new home ground into a fortress.
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