May 15 – Real Madrid have lost a claim for €400 million in the Court of International Trade in Paris for the breaking of a sponsorship agreement with the International Petroleum Investment Company (IPIC) in 2017.
IPIC, which is controlled by Abu Dhabi’s Mubadala Investment Company, had agreed in 2014 to provide financial backing for the redevelopment of the Bernabéu Stadium, but withdrew claiming that the project they had agreed to finance had been changed without being brought to their attention and that the changes affected their agreement.
It is understood that IPIC were to take the naming rights to the stadium as well as being involved in some of the commercial exploitation of the development.
The Bernabéu’s original redevelopment plan had included a large hotel and a shopping center. However, the area required for the build was reduced by 30,000 square meters by Madrid city planning authorities and 12,250 square meters could not be allocated to commercial use.
IPIC withdrew saying the contract had been broken as the new project did not resemble what they had initially agreed to invest in. Real Madrid opened legal proceedings in 2018 at the Court of Arbitration of the Paris Chamber of Commerce.
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