Watch: Valencia reveals updated plans for new Mestalla stadium

Valencia revealed Thursday renewed plans for the construction of a new Mestalla stadium, with the intention of finally completing a project that started a decade ago.

The "Nou Mestalla" was meant to replace Valencia's Mestalla Stadium, and its basic structure was built between August 2007 and February 2009. But, financial troubles plagued the club at the time, and the project was abandoned while Valencia tried to cope with substantial debt - a debt that was reported by AS in January to be around €285 million.

Valencia had won La Liga in 2001-02 and 2003-04 and was a finalist in the Champions League in 1999-2000 and 2000-01. In the decade that followed, the club struggled to hold onto top talents like David Silva, Juan Mata, David Villa, and Jordi Alba due in part to the debt it had accrued.

In 2014, Valencia was sold to Singaporean businessman Peter Lim, and while the club has undergone plenty of turmoil in recent years both on and off the field, work on the Nou Mestalla is set to recommence.

The club intends to start working with municipal officers midway through next week to "start issuing the licenses required to finish the new stadium."