Real Madrid said that work to remodel Estadio Santiago Bernabéu "will begin" at the end of the La Liga season, and the 72-year-old venue will gain a retractable roof and a "revamped facade to modernize its appearance," according to Tales Azzoni of the AP. The renovated stadium will also have a 360-degree video screen and a new seating section, while its capacity is "expected to remain at about 80,000." Construction will take three to four years, though the club said that the work "will not affect the team's home fixtures, as most of the heavy work will be done in the offseason." Club President Florentino Pérez said that since '00, Real Madrid has invested more than $280M (all figures U.S.) in the stadium (AP, 4/2).
SPARING NO EXPENSE: In Madrid, Ulises Sánchez-Flor reported Real Madrid has a budget of $590M for the project, with $112M to be spent on technological upgrades, $336M on civil work and $140M improving the existing facility and its interior. The club's business plan aims to increase revenue by expanding the stadium's Museum & Tour area, which receives more than 1.3 million visitors per year. Real Madrid "hopes to double that number" to reach revenue of $28M per year from tours. It is also planning to build a new interactive museum that would bring in $17M per year. The stadium's new retractable roof will be able to open in 15 minutes and its facade will be able to display colors, like Bayern Munich's Allianz Arena (EL CONFIDENCIAL, 4/2). Pérez previously said that the stadium's new commercial areas will allow Real Madrid to earn an additional $168M annually (EL PAÍS, 4/2). In Madrid, Marco Ruiz reported the stadium currently has 57 gates, "but no main entrance." At the new stadium, there will be a "large lobby in the facade on the Castellana side of the stadium" through which fans will enter before dispersing to their seats (AS, 4/2).
PAYMENT PLAN: In Barcelona, Manuel Bruña reported Real Madrid intends to pay around $28M per year to cover a loan from Merrill Lynch and JP Morgan for the project (MUNDO DEPORTIVO, 4/2). Pérez said, "It is a great opportunity to convert the stadium into a great technical platform to communicate with the world" (MUNDO DEPORTIVO, 4/2).
Real Madrid has a budget of $590M for the project, with $112M to be spent on technological upgradesREAL MADRID
