Real Madrid will get 255 million to renovate its stadium -football news

Real Madrid will get 255 million to renovate its stadium

football news

Sources familiar with the talks said that Spanish football giant Real Madrid will increase the size of the financing agreement with GB. Morgan and Bank of America invest 225 million euros ($255 million) to complete the renovation of the iconic Santiago Bernabeu.

The value of the initial agreement in 2019 amounted to about 575 million euros, and allowed the club to begin transforming the stadium from a football-only stadium into an events center 365 days a year.

The club later decided to expand the renovation work to change the pitch of the stadium with the latest science to become multi-use so that it can be used in various activities, which generates additional revenue.

A source in the club said that this project is expected to boost Real Madrid’s revenues from operating the Bernabeu stadium alone to 400 million euros annually from 150 million euros currently.

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