Madrid Chief Seeks Loan Approval For Bernabeu Renovations

By Danny Ward

Real Madrid President Florentino Perez is seeking approval from the club's Socios for a €575 million loan facility to renovate the Santiago Bernabeu stadium.

The renovations would commence this year, and the International Petroleum Investment Company (IPIC) abandoning their earlier plan of funding the cost, means Real Madrid must bear it themselves.

As a result, Perez will ask the club members called ‘Socios’ at a meeting on September 23 to approve a €575 million loan facility to cater for the construction. 

Perez needs the approval of two-thirds of the 2,200 voting delegates in order to gain approval for the loan which would be for 35 years.

The Bernabeu redevelopment plan was announced four years ago, and the construction is expected to last for two years.

The new plan does not increase the already 86,000 capacity, but would have the exterior of the stadium coated with a metal skin.

The new Bernabeu stadium will also have a 360º scoreboard and a roof to protect players and fans from the cold and bad weather.