Real Madrid Still Seeking Financing For €400M Stadium Renovations

Following Barcelona's recent contracting of Goldman Sachs to provide advising as the club looks to finance renovations to Camp Nou, "Real Madrid has begun contacting banks and venture capital funds" to raise the €400M ($467M) needed to renovate the Santiago Bernabéu, according to Agustín Marco of EL CONFIDENCIAL. Sources from the finance industry "confirmed being contacted" by Real Madrid President Florentino Pérez. The club "has to approach banks and private equity funds" after the collapse of a deal it had with IPIC, which was going to provide the capital for the project in exchange for naming rights to the stadium. Pérez is hoping to bring a proposal to the next assembly of club members in September. Several sources said that Real Madrid "is unlikely to have a problem securing the financing" (EL CONFIDENCIAL, 7/25).