The renovation works of the Bernabéu will cost 225 million euros more

The new Bernabéu is getting closer and closer and will be even more majestic than originally envisioned. The partners representing Real Madrid authorized the Board of Directors to increase the indebtedness for the stadium works by 225 million euros in addition to the initial financing. Money that will be used to pay for works not initially foreseen in the remodeling of the stadium, mainly the underground gallery where the retractable grass will be stored. The total amount of the loan for the remodeling of the stadium will amount to 800 million euros, of which 375 million have already been disposed of. The vote went ahead with 1,562 votes in favor (96.7% of the votes cast), 16 against (1%) and 37 abstentions (2.3%).

“We have not run out of budget, but we have found an innovative engineering solution that did not exist before,” argued Florentino Pérez. “We want to do a lot of concerts, but that the grass is not damaged,” he explained about a solution that will allow us to maximize the use of the stadium. “It will be a before and after for our history,” he added. The mat will be installed in six sheets that, when the stadium is used for other uses than football, will be stored in optimal conditions of conservation in a gallery. A 30-meter-deep greenhouse built next to the slipway on the west side (the one that overlooks Paseo de la Castellana). A gallery 122 meters long by 20 meters wide and between 24 and 29 meters deep.

In addition, Florentino Pérez announced the creation of an agronomic research laboratory in the Real Madrid City of Valdebebas, where the conditions of conservation of the Bernabéu lawn will be recreated. The president also reported the creation of a subsidiary company to operate the stadium, although the club is exploring the formulas for managing the venue.

A multipurpose venue open 365 days a year

When the works are done, The Santiago Bernabéu will become a multifunctional venue, capable of organizing all kinds of events on the pitch that occupies the pitch, but without damaging the grass. The space occupied by the lawn can host company conventions, fairs, concerts, mass events and other sporting events. Thanks to the cover, Madrid will be able to host events at the new Bernabéu as the final four of the Euroleague, Madrid basketball exhibitions against NBA teams, tennis matches or NFL matches. The works continue to advance to have the stadium ready by the end of 2022, coinciding with the 75th anniversary of the inauguration of the stadium, which took place on December 14, 1947.

The maximum repayment term of this additional loan will be 35 years. The club closed in April 2019 a loan of 575 million euros with an interest rate of 2.5% for 30 years, and that it will not have to start repaying until July 2023, with the new stadium in operation.