Spanish football club Valencia CF will unveil a new design for its long-awaited stadium development in “six to nine months”.

Chan Lay Hoon, the club’s president, told a shareholders meeting that while the new stadium would not be built in time for Valencia’s centenary in 2019, plans would surface within the year.

He added that he expected the venue to be complete by 2020.

The development of the stadium has been somewhat of an ongoing saga for Valencia fans, who first heard if of the plans to build a 65,000-capacity Nou Mestalla around a decade ago.

However, financial difficulties for the club meant the plans were put on hold in 2009 despite breaking ground in 2007.

Construction began, and the stadium – designed by architects Arup and FIA Fenwick Iribarren Architects – was expected to have around 74,000 seats with aluminium cladding and wooden interior. A concrete shell is now present in the heart of the city.

Valencia CF spent the early part of the century winning titles and competing in the latter stages of the Champions League, reaching the final twice in 2000 and 2001.

But towards the end of the decade the club found itself in serious debt before it was acquired by Singapore businessman Peter Lim in 2014.