September 11 – Real Madrid president Florentino Perez is to ask club members at a meeting on September 23 to approve plans for a €575 million loan to revamp the club’s Santiago Bernabeu stadium.
The stadium regeneration would not see any increase to the 86,000 capacity but would see a ‘metallic skin’ to surround the stadium with a shell and roof.
Perez needs approval of two-thirds of the 2,200 voting delegates (Real Madrid has 92,000 members – Socios) in order to gain approval for the loan which would be for 35 years, saddling the club with construction debt until 2053.
Perez has championed the construction project for a number of years and at one point looked as though he had raised €400 million via the sale of naming rights to Emirates-based IPIC (International Petroleum Investment Company) but that deal fee through.
Real Madrid have been debt free for the past three years and this summer earned £105m from the sale of Cristiano Ronaldo.
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