Benito Villamarín Stadium Renovation Exceeds Initial Budget Projections

The renovation of the Benito Villamarín Stadium, which commenced last summer and will extend for at least two seasons, is anticipated to require a greater financial commitment from Real Betis than initially projected. This was confirmed by the club in their Audit Report for the annual accounts for the 2024-25 season, which is scheduled for approval at the upcoming Ordinary General Shareholders Meeting on December 16.

Specifically, the club noted that, after finalizing the accounts for the previous season with a positive outcome, “the organization has commenced renovation works at the Benito Villamarín Stadium. Consequently, we have relocated to the Estadio de La Cartuja in Seville, where our offices have been established and the first team’s matches are currently being held.” This relocation is expected to last a minimum of two years while the renovation is under progress.

“The remodeling works at the Benito Villamarín Stadium have begun with separate contracts for demolition and foundation work to adhere to the planned timeline, while the bidding process for the execution contract is ongoing. As of the date of these accounts, the awarding process has not been completed due to some undefined aspects of the architectural project,” stated the club, which concluded the awarding process without assigning the construction to any contractor.

“Regarding the project handled by the appointed architect, the organization has conducted validation studies and evaluations by independent technical specialists. The estimated cost of the renovation is approximately 160 million euros, with a fluctuation margin of 10% up or down,” acknowledged the heliopolitan entity, accepting figures that are considerably higher than originally anticipated for the project.

“A financing agreement is in place, awaiting the awarding of the execution contract for formal finalization. The financing agreement is expected to be made with a financially reputable entity for a long-term repayment period, based on economic studies conducted by independent third parties that ensure the incremental revenues generated by the new stadium will not only cover the debt service but also significantly enhance the cash flow of the organization,” asserted Betis.

When the club launched an ideas competition for international architectural firms concerning the renovation of the Benito Villamarín Stadium, Betis estimated the total cost of the works to be around 70 million euros. At the beginning of this year, the figure had more than doubled that projection, and it now stands at 160 million with a 10% fluctuation. The club anticipates recovering this investment through the revenues generated by the stadium once it becomes operational, although the construction may extend beyond two seasons.