Funding for the revamp of the Santiago Bernabeu has moved a step closer after Real Madrid announced a long-term strategic partnership with Abu Dhabi’s International Petroleum Investment Co (IPIC).
The investment will largely go towards a major overhaul of the iconic stadium. Plans include adding a roof, and building a hotel and shopping mall next to the ground. The overhaul is due to be completed in 2017.
The state investment fund will also be used to increase the number of football schools Los Blancos run abroad, as well as creating travelling museum exhibitions across the globe to reach out to more Madridistas.
At the announcement of the deal, club president Florentino Perez, said the partnership between the 10-time Champions League winners and IPIC would keep Los Blancos at the top of the global game and mean the stadium is the best in the world.
“This is the beginning of a long relationship and the start of a powerful alliance that could be key to us meeting one of our greatest challenges: turning the Santiago Bernabeu stadium into the greatest stadium in the world,” he stated.
And he added: “This alliance will also strengthen the club’s heritage. It will help develop the Museum in such a way that Real Madrid can hold international exhibitions so that fans are able to see the Museum’s contents wherever they may be.”