Real Madrid secures 575M euro loan to remodel stadium

By: The Associated Press Posted: 3:10 PM CDT Friday, Apr. 12, 2019 Last Modified: 3:11 PM CDT Friday, Apr. 12, 2019

MADRID - Real Madrid says that it has secured financing worth 575 million euros (649.5 million dollars) to pay for the remodeling of its Santiago Bernabeu Stadium.

Read this article for free:

or

Already have an account? Log in here »

To continue reading, please subscribe:

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

MADRID - Real Madrid says that it has secured financing worth 575 million euros (649.5 million dollars) to pay for the remodeling of its Santiago Bernabeu Stadium.

Read unlimited articles for free today:

or

Already have an account? Log in here »

Hey there, time traveller!
This article was published 12/04/2019 (2723 days ago), so information in it may no longer be current.

MADRID – Real Madrid says that it has secured financing worth 575 million euros (649.5 million dollars) to pay for the remodeling of its Santiago Bernabeu Stadium.

Madrid says on Friday that the loan means the Spanish club will service an annual debt of 29.5 million euros from 2023-2049.

The 13-time European Cup winners say in a statement that they will continue to run “regular activities without being affected by the payments of the works.”

Real Madrid supporters celebrate after Karim Benzema scored their side's second goal during a Spanish La Liga soccer match between Real Madrid and Eibar at the Santiago Bernabeu stadium in Madrid, Spain, Saturday April 6, 2019. (AP Photo/Paul White)

The financing was structured by J.P Morgan and Bank of America Merrill Lynch with the collaboration of Banco Santander and Societe Generale, according to the club.

Madrid announced the remodeling project last week. The 72-year-old Bernabeu will get a retractable roof and a revamped facade to modernize its appearance, including a 360-degree video screen.

On Friday it added that the increased income from the improved facility will pay for the remodeling and “significantly increase the club’s recurring revenues.”