Former Real Madrid President Says Club Will Struggle With Stadium Plan Due To Economy
Former Real Madrid President Ramon Calderon said that Real Madrid, "the world's richest soccer club by sales, will struggle to redevelop its stadium because of Spain's faltering economy," according to Alex Duff of BLOOMBERG. Real President and Spanish builder Actividades de Construccion y Servicios SA Chair Florentino Perez, "wants to add a hotel and shopping center to the Santiago Bernabeu stadium." Calderon, his predecessor, said that "investors are resisting the effort because of the country's six-year economic slump." Calderon: "Real Madrid's plan is paralyzed because nobody wants to invest in Spain." Calderon said that the 4,000 luxury seats at the stadium "are only half full this season." Calderon: "It doesn't make sense to invest now." Former HSBC Holdings Plc banker Eugenio Martinez, who sought to stand against Perez in '09, said that "Real Madrid can bring in sales from outside Spain to boost revenue and finance player signings." Emirates airline is "in talks about a shirt sponsorship deal with Real" worth about €30M ($39M). Martinez: "The business isn't in Spain, it's outside. The future is in Asia, Africa and Latin America" (BLOOMBERG, 4/30).