Reports in Spain suggest that the naming rights to the Santiago Bernabeu have been snapped up by an Abu Dhabi-based consortium.
Wednesday's edition of AS claims Florentino Perez was caught on camera telling prospective Madrid mayor Lucia Figar that Real Madrid's stadium could be renamed by Emirati investment group IPIC.
“The Bernabeu IPIC or CEPSA, they can call it whatever they want,” the President is quoted as saying.
The newspaper also claims that IPIC, who bought the Spanish petroleum company and Madrid sponsor CEPSA outright in 2011, have rejected the idea of using either abbreviation in the Bernabeu name and will instead settle for the Abu Dhabi Bernabeu.
It is believed that IPIC will invest €500m into the venue's renovation and make annual payments of €20m to the club, but in exchange for its naming rights.
Madrid have yet to comment on reports, while work on the new-look Bernabeu could start in September.
