Real Madrid’s plans to give its iconic Santiago Bernabeu stadium a dramatic overhaul are moving closer after it was reported the Spanish soccer side has secured a loan for the redevelopment.
Funding for the project has reportedly been secured with JP Morgan and Bank of America Merrill Lynch offering the club a loan for a total of €575m (US$650m), paid off over 30 years. The two US banks will also be joined by Spanish banks Santander and CaixaBank.
The funding will be used to install a futuristic retractable roof and wrap the entire venue in a sweeping façade of titanium that features integrated lighting. It will also install a high-tech 360° halo video board, a dedicated e-sports venue, and 800 extra seats at the 81,044-capacity stadium.
Club president Florentino Perez says debt from the project will paid off due to an estimated €150m (US$170m) per year in extra revenue it will be able to generate from the redevelopment.