Real Madrid assembly approve $255 million more for stadium renovation

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MADRID, Nov 20 (Reuters) – Spanish soccer membership Real Madrid’s common assembly permitted on Saturday a brand new 225 million euro ($255 million) mortgage to finish the renovation of its Santiago Bernabeu stadium.

As reported by Reuters on Thursday, Real Madrid will enhance the dimensions of its structured finance cope with JP Morgan and Bank of America, initially agreed in 2019 for 575 million euros. learn more

The deal will now be price 800 million euros and can allow the membership so as to add a state-of-the-art retractable hybrid pitch that may be moved underground to a 24-metre deep greenhouse so the principle venue can be utilized for more functions, producing extra income with out spoiling the grass.

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Club president Florentino Perez informed the assembly the underground greenhouse was the one resolution the membership discovered to protect the taking part in discipline in order that the stadium could possibly be remodeled from a purely soccer venue into an year-round occasion centre and attraction.

“Santiago Bernabeu stadium will be an architectural icon and an international avant-garde symbol that will become one of the most attractive places in Madrid and Europe,” he mentioned.

The mission is predicted to spice up the membership’s revenues from the Bernabeu operation alone to 400 million euros a 12 months from 150 million euros now, one membership supply mentioned.

Perez did not say how a lot curiosity the membership pays on the brand new mortgage however in a gathering with a bunch of membership members on Wednesday he mentioned it could be beneath 2%, a supply current on the assembly informed Reuters.

Real Madrid has elevated its revenues seven-fold within the final decade, and the membership ended 2020 with an general surplus of 900,000 euros regardless of the COVID-19 pandemic.

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Reporting by Fernando Kallas; Editing by Hugh Lawson

Real Madrid's Santiago Bernabeu stadium undergoes renovation work in Madrid, Spain, November 18, 2021. REUTERS/Susana Vera

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