Real Madrid Opens Business Area Focused On U.S. As It Looks To Fund Stadium Renovations
Real Madrid is "desperately seeking a suitable 'surname' for its stadium," according to Ramón Fuentes of MARCA. The club has opened up "a new business area" focused on the U.S. and is "currently negotiating" with several U.S. companies. The deal would be "for an annual contract" of around €25M ($33.9M), with a "term of 14 to 15 years -- another new feature of this future agreement." Real Madrid is looking for "such a long commitment" to "strengthen its own brand" and for the "sizeable economic contribution that will be directly reinvested in the work to finish" the club's Santiago Bernabéu stadium. The deal will be worth €300M-€350M ($407M-$474M), "which will finance virtually the entire remodelling project," estimated at around €400M ($542.2M) (MARCA, 11/26).