(Bloomberg) -- Spanish football club Real Betis Balompie SAD is nearing an agreement to refinance its €120 million ($128 million) debt in a deal arranged by Goldman Sachs Group Inc., according to people with knowledge of the matter.

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As part of the agreement the club will refinance its borrowings with private placements, the people familiar said, asking not to be identified discussing private information.

Goldman will also consider helping finance the development of the club’s new stadium. The club will need to raise between €100 and €150 million for the revamp. The Seville-based team hired BNP Paribas to explore potential options for a broader project that includes a hotel and a wellness center.

A spokesperson for the club confirmed the refinancing deal with Goldman Sachs, and that the US lender is also working with it to fund the stadium revamp, while BNP is advising on the broader project. Spokespeople for BNP and Goldman Sachs declined to comment.

The refurbishment of the Estadio Benito Villamarin would create a new stream of revenues for the club. Betis reported a net income of about €170,700 at the end of the 2023 season, swinging back to profit after posting a negative loss of €38.2 million in the previous one.

It’s not the US bank’s first sport-related deal in Spain. Goldman has also arranged the refinancing of Betis’s local rival Sevilla FC, the financing of FC Barcelona’s Camp Nou stadium revamp, and the high-yield bonds that funded CVC Capital Partners’s acquisition of a stake in a vehicle with LaLiga’s media rights.

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