LOS ANGELES (Reuters) – Barcelona Football Club’s new €1.6 billion stadium is expected to open in 2021, the club’s chief executive Ivan Rakitic said on Monday.

Barcelona has been on a construction binge in recent years, as the club rebuilds after a devastating earthquake and tsunami in 2012.

The club has also been trying to turn the club around, after a series of losses that saw it leave the top tier of Spanish football last season.

“It’s very much an exciting project,” Rakitic told a news conference in Lille, the city where he is president.

“I believe it will be a very successful project.”

The club had been looking to build its first stadium in the Spanish capital since 1995 and had started construction on its new stadium in 2009, but that project was cancelled after a court case over whether the building was in compliance with building codes.

Barça was also seeking a new stadium to replace its old Estadio Catalunya, which was closed to the public following the earthquake and subsequent tsunami.

A new stadium, expected to cost around €1 billion, is expected in 2021 and the stadium will be the biggest and most expensive in the world.

“The new stadium will not only be the tallest stadium in Europe, but the biggest stadium in world,” Rakitics said.

“And, of course, it will have the capacity to host more than 3,500,000 people.”

We’re not going to be surprised if it’s one of the biggest stadiums in the World, if not the world.

“Barcelona will spend €3 billion ($3.1 billion) to renovate the Estadios Nou Camp stadium in a project it has said is expected “to open in 2020” and which is the biggest construction project in the club history.

The stadium is also being built on top of a site in the city of Almeria that will be used to construct a pedestrian bridge to the stadium, and the club hopes to have it completed by 2021.(Reporting by Edoardo Poggio; Editing by Andrew Heavens)