According to a story by Alex Duff on Bloomberg.com, Real Madrid football club will sell the naming rights to its Bernabeu Stadium to pay for most of the costs of a €400m (US$518m) redesign of the venue, the soccer team’s President Florentino Perez said.
The stadium will take the name of a sponsor alongside the Bernabeu name it has had since 1955, Perez said after a news conference to present the European champion’s latest financial results. He said the club is in talks with suitors, without identifying them.
The venue takes its current name from Santiago Bernabeu, who was a player and coach for Real Madrid, and then its President for 35 years. The club won six of its ten European titles during the period.
Real Madrid is following teams including Borussia Dortmund, Arsenal and Manchester City which have brokered naming-rights deals to name their stadiums. For example, back in 2011, Etihad Airways PJSC agreed to pay Manchester City FC more than GBP£300m (US$489m) over the contracts 10 year tenure for their stadium naming-rights, which saw the venue re-named Etihad Stadium.
Perez said work on the redesign, which includes a proposed hotel and shopping centre, is being held up by a complaint by a conservation group, although construction could begin as early as next year.
Real Madrid’s net income for the year through June – during which it won the Champions League for the first time since 2002 – rose by 4% to €38.5m (US$50m). Sales, excluding transfer amortizations, increased by 5.5%, to €549.6m.
Image courtesy: Real Madrid FC