Real Madrid, Sheik Mansour agree deal to renovate Bernabeu
Maybe we could get them to give us Isco for free, now we're building a new stadium for them! he! ; )
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Real Madrid strike £350m deal to renovate Bernabeu... and it'll be paid for by Manchester City owner Sheik Mansour!
Real Madrid have agreed deal to update their Bernabeu stadium
Work will cost £350m over three years to complete
Real have vast debts and can not afford to pay for renovation themselves
International Petroleum Investment Company will fund the project
Company is headed by Manchester City owner Sheik Mansour
But deal will not infringe UEFA rules on club ownership
Manchester City’s billionaire owner will help fund the redevelopment of Real Madrid’s Bernabeu stadium after a company he heads struck a £350million investment deal with the European champions.
Sheikh Mansour is chairman of International Petroleum Investment Company (IPIC), which uses Abu Dhabi’s wealth to fund projects around the world. Those now include the renovation of the iconic ground over the next three years after the confirmation of a ‘long-term strategic partnership’ with Real.
But Sheik Mansour’s role will not infringe on UEFA’s rules over club ownership because the deal does not mean the Abu Dhabi royal family will hold a stake in Real. Instead, in return for the cash Real will promote the emirate globally.
IPIC is proud to join forces with Real Madrid, the world’s top football club and sporting brand,’ said managing director, Khadem Al Qubaisi. He added that IPIC would provide ‘commercial means to build the world’s greatest sports venue’, as well as pay for Real Madrid museums and football schools around the world.
Real need the outside investment due to debts amounting to £474m, according to their most recent financial accounts, meaning they could not afford to update the Bernabeu themselves.
Club president Florentino Perez promised the Bernabeu, which was opened in 1947 and has a capacity of over 85,000, would become ‘one of the best stadiums in the world, a unique architectural landmark for the city of Madrid and a symbol of innovation for our country’.
Sheik Mansour bought Manchester City in 2008 and has ploughed in more than £1billion, hauling the club out of Premier League mediocrity and transforming it into one of European football’s powerhouses.
City have been crowned league champions in two of the last three years and underlined their present superiority over local rivals Manchester United with a fourth successive derby victory on Sunday, sealed by a goal from Sergio Aguero, a £38m buy from Atletico Madrid in 2011.
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