360 million for Real Madrid for the new Bernabéu

This will be the new Santiago Bernabéu. / REALMADRID.COM

alliance

The Chamartín club signs a strategic agreement with Sixth Street and Legends for the exploitation of the pharaonic coliseum

Oscar Bellot

The new Santiago Bernabéu will raise the economic muscle of Real Madrid to dimensions never seen before. The club chaired by Florentino Pérez has signed a strategic agreement with the investment firm Sixth Street and with Legends, a company specializing in the management of venues and 'premium' experiences for sports organizations and the organization of major events, which will inject 360 million euros into the Concha Espina entity and will turn the remodeled and pharaonic Chamartín stadium into a world benchmark for leisure and entertainment.

The historic three-way alliance, which was endorsed on Wednesday by the Real Madrid board of directors as a step prior to its official announcement on Thursday, will provide Real Madrid with a wealth of money that the club headed by Florentino Pérez will be able to allocate to the areas you consider, including the template. In exchange, Sixth Street acquires the right to participate in the operation of certain new businesses in the Santiago Bernabéu stadium for a period of twenty years. For its part, Legends will contribute its experience and knowledge in the operation of large stadiums and leisure centers, allowing optimization of the management of the Paseo de la Castellana coliseum, according to the club's website.

Real Madrid considers that the transformation of the Santiago Bernabéu, which will be able to host events and shows of all kinds, "will mean a before and after" in the history of the Chamartín club. "This alliance with Sixth Street and Legends, world leaders in their activities, will be essential to provide unique experiences in a stadium where multiple events can be organized throughout the year," says the merengue entity, which congratulates itself for having clinched an agreement that underpins its objective of "continuing to increase the stadium's income very significantly both from sporting events and from all kinds".

Events of all kinds

It must not be forgotten that one of the key elements of the new stadium will be the large underground greenhouse that will allow it to be removed from the pitch when matches are not being played and its conservation in optimal conditions and perfect condition to be used again when the calendar marks, so that on days when meetings are not held, the venue can be used to host congresses and conventions, fairs, concerts, fashion events and even tennis or basketball matches, among other sports. The purpose of Real Madrid is to operate the stadium 365 days a year, which will exponentially increase the resources it has been generating up to now.

In addition, the venue, which will occupy a space of almost 66,000 square metres, will have various dining areas, including a 'skybar' at the top of the stadium with spectacular views of the Spanish capital.

The remodeling of the Santiago Bernabéu, which will conclude throughout this year, had an initial budget of 575 million euros, but the need to undertake works not previously planned, especially the construction of that enormous greenhouse, led the club to subscribe in December of last year a loan of 225 million euros with JP Morgan and Bank of America, for a term of 27 years and with a fixed interest of 1.53%, which will not have to start paying until mid-2024.

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