Real Madrid, Investment Firm IPIC Close To Financing Deal, Soy Madridista Reports

Real Madrid and investment firm Int'l Petroleum Investment Company, which is owned by the royal family of Abu Dhabi, "are finishing an economic agreement that would support Real projects including renovations of the Bernabéu and the reactivation of the 'Real Madrid Resort Island,'" according to A. Alcázar of SPORT. Spanish website "Soy Madridista" reported that the deal with IPIC's terms "are close to being finalized, as the negotiations are in the final phase." The agreement would be based on "one payment for the total quantity after signing the contract, and would provide liquidity that would allow Real to begin work remodeling its stadium," a project with a budget of €400M ($505M). The deal "could be announced in December once the European Commission closes its investigation into possible public aid received by the club" (SPORT, 10/12).