(Bloomberg) -- FC Barcelona members approved a financing package worth up to 1.5 billion euro ($1.69 billion) to revamp the club's iconic Camp Nou stadium and related facilities.
The money will help renovate the 64-year-old Camp Nou, Europe's biggest stadium with capacity for 105,000 fans, as well as an indoor arena and other installations, the soccer club said in a statement Sunday.
FC Barcelona is owned by its 137,000 members, of which 42,693, or 88% of those who voted, backed the financing for the project, known as Espai Barca, the club said.
Read More: Barcelona Gives Up Messi's Star Power to Try Fixing Its Finances
The club says it expects to generate 200 million euros of revenue annually as Espai Barca generates income from events, sponsorship, naming rights, VIP boxes and ticketing and catering services.
The stadium facilities are in a dilapidated state, a situation that has forced the club to fund regular repairs and pay fines for not complying with European regulations.
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