Spanish giants Real Madrid want to renovate the Santiago Bernabeu into the most beautiful stadium in the world but they are so much in debts (£474m) that they cannot fund the project themselves.
Madrid president, Fiorentino Perez said the Bernabeu which opened in 1947 and currently sits 85,000 would become ‘’one of the best stadiums in the world, a unique architectural landmark for the city of Madrid and a symbol of innovation for our country,’’ when renovation is completed.
The club will in a ‘long-term strategic partnership’ with a United Arab Emirates company, International Petroleum Investment Company (IPIC) headed by the owner of Manchester City Sheikh Mansour bin Zayed Al Nahyan, will receive the huge sum of N92.75bn (£350m) as funding for the project.
The pay-out does not in anyway infringe on UEFA’s rule on club ownership as the Sheikh is not directly paying from personal pocket and the deal is not in exchange of a stake at the club for the Abu Dhabi Royal Family but for the club to promote the Emirates brand.
The company’s managing director, Khadem Al Qubaisi said that ''IPIC is proud to join forces with Real Madrid, the world’s top football club and sporting brand,'' adding that the company would provide ''commercial means to build the world’s greatest sports venue''.
IPIC would also fund Real Madrid museums and football schools around the world.
