Marco Liera

updated my project finance calculator for the new Generali Stadium… So we learnt the costs for the stadium, infrastructure surrounding area and the demolishing and repurposing of the old stadium should be above 1,9B Euros and the project estimates interest payments would only be a total of 382M Euros. I can’t believe it’s that low - even if I assume a total of 100M in tax incentives and government support and 400M in equities from Clubs/Owners I am having a hard time to get below 500M of interest payments in the course of the next 15 years - even with the very - unrealistic favorable credit spreads mentioned below. So this doesn’t show the 2,3B including interest payments you have read - I am at 2,47B … until I know more about the financing details, equity injections. Government support or some other stuff The predicted additional revenues from the 31/32 season onwards are purely my prediction. Maybe I am totally off, maybe I missed something big. Happy to receive input. Additional cash flow from the stadium itself should be able to set off around 60M in annual costs. The project debt will rise to around 600M after the mentioned equity injections - and while the revenue starts to kick in 31/32 the debt level declines until everything will be paid off 10 years later - or 15-16 years from now. Afterwards the clubs would have huge budget improvements to use the money on the mercato. Until then - more or less unchanged. Or let’s say - improved budgets because the stadium and the financial outlook will improve other sponsoring contracts in the coming years. So indirectly this will help already next season when a new back Jersey sponsor will be welcomed. Or in 2 years a new main sponsor. The Nike deal runs 4 more seasons til June 31. They won’t wait until 2030 to extend the contract. And with the new stadium on the horizon those contracts will be worth an extra couple of millions to each big sponsor …