Madrid seek finance for Bernabeu

Florentino Perez has contacted various capital firms and banks as he seeks finance for the remodelling of the Santiago Bernabeu.

Real Madrid are actively seeking funding to carry out the remodelling of the stadium and, according to El Confidencial, Madrid President Perez has already been in contact with several institutions in the hope of obtaining the money needed for the work, which could cost up to €400m.

The publication claims the search for funding is a result of a break in the agreement with IPIC after a deal was struck to put their brand name on the Santiago Bernabeu.

The breakdown in negotiations is now in the hands of lawyers and a court of arbitration, which the newspaper says will take a long time to resolve.

Hence, the President has now actively started to look for backers so he can present a plan at the next meeting of partners, which is due to take place in September this year.

El Confidencial points out several sources as explaining that Los Blancos are in a solvent situation, making credit easier to obtain, while the latest information available has it that Madrid have a gross debt of €187m.

That was before the money raised for the sale of Cristiano Ronaldo to Juventus was taken into account, along with the purchases of players including Vinicius and Alvaro Odriozola.

Tags Florentino Perez Santiago Bernabeu