The 60,449-seat Mercedes-Benz Arena in Stuttgart will be upgraded for the EURO 2024 in Germany. In the near future, the lease payments of VfB will increase. Around 65 million euros will be raised for the upgradation work.
The Mercedes-Benz Arena will get 20 million euros in form of subsidy for the modernization work keeping EURO 2024 in mind. This declaration was made at an event held to present the draft budget of the city of Stuttgart. The stadium company on its own will take out a loan of 22.5 million euros. VfB Stuttgart will take over the remaining amount of around 65 million euros invested.
Mayor Thomas Fuhrmann has, however, made much higher claims, as per reports appearing in Stuttgarter Nachrichten. The financial support of the city is therefore also the VfB benefit.
The feel and appearance of the security and technical areas will be revised, the press box will be renewed and the area under the grandstand will be extended. For this purpose, VfB wants to restore and enlarge the business area. A clear picture has not emerged as to whether the club will raise the sum of 22.5 million euros from equity or through a loan.
The stadium company will have to clear the debt it is carrying of 58 million euros by 2041. The additional loan will be financed again by increasing the lease period. In the future, the club will have to lighten its wallet by paying 6.2 million euros – about one million more than before. Currently, VfB Stuttgart even pays only half to meet the shortfall after the relegation to the 2nd Bundesliga.
The Mercedes-Benz Arena is one among 10 stadiums picked up for hosting EURO 2024. Since its opening in 1933, the facility has been renovated several times, the latest one from 2008 to 2011. In 2017, the roof membrane was restored.
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