Real Madrid has been playing in the Estadio Santiago Bernabéu since 1947. It has been named after the club’s former chairman Santiago Bernabéu Yeste since 1955. According to reports from Spanish sports newspaper AS, the days of Estadio Santiago Bernabéu are numbered.
According to AS, Real Madrid president Florentino Pérez was caught on camera admitting to a government official will be renamed whatever new team investor International Petroleum Investment Company (IPIC) wants. The Abu Dhabi based investment group signed a deal with Madrid in October of last year, which enabled the club to begin renovating the 68-year-old stadium, which was last updated in 2001.
The amount of the deal was not disclosed, but according to The Guardian, IPIC will pay approximately $3.5 million per year until Madrid begins renovations. Once construction is underway, IPIC would increase its contribution to approximately $23 million annually. The total cost of…
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