Barcelona have announced a £495m (€600m) redevelopment plan for the Camp Nou, bringing an end to the proposal to move to a new location.
The directors of the La Liga champions voted in favour of redevelopment as against the proposal to quit the 99,354-seater facility at an extraordinary meeting on Monday.
The remodeling plan will be presented before the 160,000 members of the club. who collectively owns the club, ahead of an April referendum.
Matches would still be played at Nou Camp while redevelopment works are in progress. The remodeling could last until 2021 and if approved by members would begin 2017. There will be no change of name on completion of the remodeling, the Spanish club stressed.
Barcelona have played at the Nou Camp since it was built in 1957 and the stadium has hosted two European Cup finals – in 1989 and 1999. It also hosted World Cup matches in 1982 and the Olympic football tournament in 1992.
“It has been an important decision for the club – the most important in the last 50 years,” added Rosell.
“The option of building a new stadium on a new site has been dismissed as the final cost could have saddled the club and its members with debt and tied the hands of future boards of directors.
“This was a difficult decision, both options were very attractive but we decided to go ahead and stay.”
The Spanish club said the redevelopment would generate an extra £34m of revenue per season.
It will involve building a roof over the spectators segment of the stadium while the pitch will still be left open.
It is necessary Barca continue competing with Europe’s other leading clubs, according to board member Javier Faus.
“We don’t want to bankrupt the club for 30 to 40 years,” he added. “We won’t take money from the club members or outside investors. The club will run the proposals with our own resources.”