Real Madrid have struck an agreement with multinational business Legends as they seek to begin redevelopment of their Santiago Bernabeu stadium.
President Florentino Perez initially floated his plans of a face-lift for the stadium in 2004 but this is yet to come to fruition, mainly due to the great financial cost of such a move.
Marca outlines the agreement with the firm – who have previously worked with Barcelona and Atletico Madrid – as they attempt to generate €150m per year from their stadium.
Madrid are actively seeking funding to carry out the remodelling of the stadium although ESPN FC outline how they are yet to secure the permits needed to begin the work, which is thought to cost €400m.
In 2016, the Madrid Council -led by mayor Manuela Carmena – had approved the club’s provisional plans but rejected Perez’s idea of integrating a hotel and shopping centre into the facility, in order to increase the club’s revenues.
The capacity of the stadium will remain unchanged, a retractable roof will be put in place while the area is to become more fan-friendly, with a car park removed for public space.
Reports now say that Madrid have raised €173m in profits this past year but ESPN cite Madrid's Sustainable Urban Development as not yet agreeing in full to the proposals.
The construction of the stadium is expected to last three-and-a-half years but will not prevent matches being played in the stadium.