Barcelona begins renovating historic Camp Nou

STORY: Spanish soccer giants Barcelona released new footage of renovations at their historic Camp Nou stadium on Friday (June 2).

The Spanish league champions officially began works on Monday (May 29), though parts of the stadium were removed last year.

The work won't be cheap for a club which has faced financial difficulties in recent years.

In April, the five-time European Cup winners said they had secured a financing deal worth $1.6 billion with investors, including Goldman Sachs and JP Morgan.

The cash allows the club to renovate its iconic but outdated stadium.

On Wednesday, Barcelona issued bonds to finance the stadium's revamp.

According to figures published on the Vienna stock exchange, Barca agreed to pay up to 7.22% interest depending on maturities, which was more than expected.

Camp Nou is the largest football stadium in Europe and the fourth-largest in the world by capacity.

It has 99,354 seats.

Barca hopes the new stadium will allow it to generate more than $214 million in additional revenue per year.

The money will come through sponsorship, naming rights, ticketing and corporate hospitality, among other means.