Global law firm Clifford Chance advised Corporación Andina de Fomento (CAF) and Inter-American Investment Corporation (IDB Invest) as lenders on the US$100 million financing of Club Atlético River Plate in connection with improvements to the Más Monumental Stadium in Buenos Aires, Argentina, the largest stadium in South America.
The financing will be used to support the stadium’s expansion (by increasing spectator capacity to 100,000–101,000, improving acoustics, and extending the facility’s lifespan), finance the construction of a roof structure to improve the fan experience and dampen noise emissions for the surrounding neighborhood, and fund the expansion of the River Plate Institute school building and Casa River (the youth residence and development center).
“I feel truly privileged for the opportunity to support the expansion plans of one of the largest football clubs in Latin America,” said partner Fabricio Longhin, who led the Clifford Chance team on this transaction. “This one is really close to my heart,” he added.
The revenues generated by the stadium’s expansion will be contractually linked to education, scholarships, women’s sports, and community infrastructure, and River Plate will allocate at least 25% of those revenues to additional scholarships and the development of additional sports and social infrastructure.
The team was led by partner Fabricio Longhin, supported by associates Alejandro Leon, Douglas Mulliken and Genevieve McCarthy.
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