Real Madrid’s 71-year-old Santiago Bernabeu stadium will witness
reformation this summer after the club secured approval for the project’s
funding.
The Spanish giants announced in a press release that the Real
Madrid board of directors approved a $650 million loan to finance a massive
renovation project to the club’s home stadium in the heart of Madrid. It’s
unclear in the press release when the renovations will be completed.
Starting in 2023
until 2049, Real Madrid will pay $33.4 million in debt payments to pay back the
loan with a very low, 2.5 percent interest rate. The low interest rate was part
of the reason why Real Madrid president Florentino Perez pushed for this deal.
In addition, Real Madrid projects the new renovations will bring
in an additional $170 million in revenue, which would more than cover the debt
costs.
Originally
announced publicly in September 2018, the renovations will add a new steel
facade around the stadium, a retractable roof over the field plus a permanent
roof over the fans in the seats, as well as other technological upgrades. The
club will also be able to expand its club shop and club museum.
Part of Real
Madrid’s motivation to complete the renovations was likely, along with good
financial conditions, the fact that Barcelona is undergoing its own renovations
at the Camp Nou.
In addition, Atletico Madrid just opened across town the
brand-new Wanda Metropolitano Stadium.
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