Real Madrid's lucrative sponsorship deal with Cepsa is said to have fallen apart.GETTY IMAGES
Real Madrid was reportedly "dealt a major economic blow" as Mubadala, the majority shareholder of gas company Cepsa, withdrew its €400M ($495M) sponsorship of Real Madrid, which planned to spend that money on renovations to its Santiago Bernabéu stadium, according to MUNDO DEPORTIVO. Spain's El Economista reported the conflict between the club and sponsor dates back to late '15, when Mubadala "saw that the project, which was approved in '12, looked nothing like what had been planned." Mubadala "claims that Real Madrid is not meeting the deadlines or the requirements of the project." Real Madrid "intends to go to court to resolve the dispute." According to the contract between Real Madrid and Cepsa, if the club was unable to complete the work in three years, "the agreement would be null" (MUNDO DEPORTIVO, 1/27). In London, Pete Jenson reported Real Madrid is "searching for a new sponsor" as it prepares to begin work on the stadium upgrade, but the "setback" will make selling players this summer an "essential part" of the club's attempts to "lure the likes of Eden Hazard and Harry Kane to Spain" (DAILY MAIL, 1/29).
