Real Betis has informed its shareholders that the cost of renovating the Benito Villamarín stadium will be significantly higher than previously estimated. Meanwhile, the club is unable to find a contractor, and the work is becoming increasingly complex.

A twofold increase in costs in two years

The authorities of Real Betis have convened a general meeting of shareholders for Tuesday, 16 December. In a letter to shareholders, among other information provided, particularly important data was included: the costs of the new Estadio Benito Villamarín.

After conducting verification studies and valuations by independent, specialised experts, the club's management currently estimates the cost of the work at €160M, with a possible deviation of 10% in either direction. This means that Betis will pay for the modernisation of its temple almost two and a half times more than the €70M estimated in August 2023.

© Real Betis Balompié | The new Villamarín will have the same capacity but more VIP seats.

No contractor, but with secured financing

The authorities of the club from the Heliopolis district have not yet given any reasons for the sharp increase in costs. Apart from inflation, one explanation may be the unsuccessful tender for the construction of a new main stand – only one consortium submitted a bid, but the offers were deemed unsatisfactory. Now, the club is forced to negotiate individually with construction companies.

This situation has caused delays in the schedule. The removal of debris after the demolition of the Preferencia stand will be completed in December, but the club will not be able to start building a new stand immediately, despite its willingness to do so, precisely because of the lack of a contractor. Last week, the club's general manager, Federico Martínez Feria, admitted to the club's media that Betis' stay at the Estadio La Cartuja would probably last longer than the promised two seasons.

Martínez Feria also explained that Real Betis has agreed to finance the project with Goldman Sachs, an American bank that is already involved in financing the construction of Camp Nou and Nou Mestalla, among others. Camp Nou and Nou Mestalla. An agreement, which is awaiting the award of the contract for the work, has already been reached the club said in a statement to shareholders.

© Real Betis Balompié | The old main stand has now been completely demolished.