The Spanish club, Real Madrid, has fallen into a financial pit due to the renovation of its famous stadium, Santiago Bernabeu, The team has borrowed nearly one billion euros so far.
Picture of Santiago Bernabéu Stadium - Source: Al Jazeera Net website
Real Madrid has been renovating its stadium in recent years with the aim of increasing its capacity and providing additional services that generate more revenue for the club.
According to a report by the famous Spanish newspaper “Marca,” this has resulted in a significant financial burden on the club’s treasury, leading them to borrow for the third time. The total amount borrowed by Real Madrid has now surpassed one billion euros.
Marca added that the club’s president, Florentino Perez, will present the club’s accounts on November 11, 2023, and will propose a vote for approval to obtain the third loan in order to complete the stadium renovations.
It is worth mentioning that the first loan obtained by the Spanish club for the infrastructure renovation of the stadium amounted to approximately 575 million euros, After that, the club borrowed around 225 million euros for the implementation of the “Hyperloop” technology, which allows the stadium to transform into a glass dome after matches for various other purposes.
Real Madrid will request a third loan of 375 million euros to complete the final renovations of the club.
