Real Madrid‘s proposal to reconstruct the Estadio Santiago Bernabeu by 2022 was approved by the board members on Sunday.
It will be the first time that Los Blancos have renovated the Bernabeu since 2001, when Florentino Perez became club president for his first term and spent €125m to improve the facilities.
The project will begin at the start of next year and will cost Real €525m after the Assembly of Members approved the club’s renovation plans in Sunday’s meeting.
“We want to make the Santiago Bernabéu the best stadium in the world. An avant-garde venue that will be iconic within Madrid, that satisfies the current demands of the club members and that allows us to increase the club’s income to continue to lead the way,” Perez told reporters.
“We think that the budget of the investment in our stadium will amount to around 525 million euros. The most important items correspond to civil works, around 300 million euros, and technological equipment and innovation, which means a cost of just over 100 million euros.”
The new stadium will include a removable roof and a metallic silver skin, but an expansion to the Bernabeu’s capacity of 81,044 is not part of the project.
Instead, Real plans to create an area where the supporters can socialise before a game with new shopping facilities around the complex to be installed.
Perez announced that Real will pay around €15-25m for the next 25 years, which is 4% of the club’s budget.
The Spaniard, who himself is a civil engineer and leads Spain’s largest construction company (Grupo ACS) with a net worth of $2.2bn, defended the costs of Los Galacticos’ new home ground by stating that it will bring them more than €150m a season.
“The new operating model for the stadium will make us bring in more than 150 million euros extra per season, and therefore we will have more recurring and constant income to keep up our sporting and economic leadership,” said Perez.
“We want to be the first club in the world to break the 1000-million-euro revenue barrier”.
The Bernabeu was first opened in December 1947 and has since undergone renovations in 1982 and 2001.
Real also made expansions to the stadium in 1953, 1992, 1994 and 2011.
The 13-time European champions have even posted a video to give fans a preview of what’s to come in the next four years when the renovations will be complete.
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