Real Madrid’s president, Florentino Pérez, has authorised a financing plan to support the continuing refurbishment of the Estadio Santiago Bernabéu, asserting that the project will “change the history” of the LaLiga club.
Following an emergency general assembly meeting, Real Madrid revealed that a proposal to extend the club’s board of directors’ authority to incur debt in order to fund the works had been granted.
There were 1,569 votes in favour, 25 against, and 38 abstentions out of the total of 1,632 polled. The permission came after it was revealed that Real Madrid were looking to borrow an additional $396 million to pay stadium renovations, which Pérez has now confirmed.
The Bernabéu is now undergoing the most extensive renovation in its 75-year history, with Real Madrid unveiling a new retractable roof on September 2. The renovation is expected to be completed in the following weeks, with a big reopening celebration planned for right before Christmas.
Pérez spoke on what the upgrade meant for the prestigious club via press release:
“The new Santiago Bernabéu stadium is going to change the history of Real Madrid. We have seen the pride it provokes in all Real Madrid fans when we are already achieving the culmination of a dream that will mark our destiny.
“We have to be aware of the adverse circumstances in which we have had to undertake this immense challenge. For all this, we have had to undertake the remodelling of the Santiago Bernabéu stadium in the midst of one of the worst historical situations in the world economy, which has had a very special impact on the construction industry.”
Last season, the Bernabéu’s capacity was limited to roughly 63,000 people. The attendance for this season’s first match was about 67,000, and after the rebuilding project is done, the stadium’s full capacity will be back around 80,000.
According to real projections, the increase in revenue from the stadium’s full commercial availability will begin in January 2024 and proceed gradually. As a result, the club expects stadium revenues to climb significantly, with further increases expected in 2024-25, when the renovated Bernabéu is fully operational.