The cost of Real Madrid’s plans to develop their Santiago Bernabeu stadium are set to reach around the Є200m mark.
Reports in Spain say the expense of remodelling the stadium, which the club wants inaugurated in 2015 and hopes to turn into the best football venue in the world, will be partly met by President Florentino Perez.
At a time when few clubs are not feeling the effects of the financial crisis that has hit the country, Perez’s ambitious plan means the existing ground will be almost unrecognisable by the time work is finished in three years’ time.
Among the innovations will be a brand new exterior, an extension to the third tier where it is proposed to add 10,000 new seats, a retractable roof, a modern shopping centre, another car park with room for 600 vehicles and even a luxury hotel from where the guests will be able to watch the match.
It is predicted the new additions to the stadium will bring an extra €50m-a-year into Madrid’s coffers – €90m if additional sponsors are found – with a change of name also in the offing if a business partner can be found, although the word Bernabeu would be added on to the end of any title as fans would never agree to losing the name that has been their trademark since 1947.