Barcelona Vice President Moix confirms club's plans to renovate Camp Nou

The new Camp Nou's capacity will rise from 99,000 to 105,000.

The renovation is vital for Barca to cope with the financial loses caused by the coronavirus pandemic, according to Jordi Moix.

"Espai Barca is needed more than ever because of COVID," Barcelona vice-president Jordi Moix said, as quoted by the Daily Mail.

"It's a way to re-engine the economy of the city and the club and generate new revenues, but we have to put that investment in."

The coronavirus pandemic has already made the Catalans suffer an £88m loss while the club's net debt has risen to £440m over the last 12 months.

On Monday, Barca announced a financing deal with Goldman Sachs to renovate Camp Nou and raise the stadium's capacity from 99,000 to 105,000. If the club's members approve the plan next year, the work can start by June 2021 and will last around five years.

"We have a stadium where nothing new has been done since 1982, so there is a bunch of activities and potential revenues that we don't have now in the stadium that will be generated in the new one," Moix explained.

"So we agreed a scheme where Goldman has the right to be paid as a guarantee for the repayment on those revenues year-by-year."

The Goldman Sachs deal will allow Barca add an extra £136m per year once the renovation of the stadium and its surrounding area is finished.

"The good news is that after heavy negotiations with parties, we've managed to get this agreement, so we've achieved a masterplan for the club which generates incremental revenue," Moix concluded.