The Renovation of the Santiago Bernabeu Stadium: With the permission to borrow approved, the club will try to accelerate the deadlines, request the credit / s, tender the work and start the construction …
The Project of The Renovation of the Santiago Bernabeu Stadium
It supposes, broadly speaking (the club has not yet given excessive details), wrap the stadium with a steel coating, roof it completely with a retractable cover and modernize the interior facilities. The Corner of the Bernabéu will be eliminated, creating interior commercial spaces in the stadium and liberated zones outside him, in which the club pretends to rent buildable spaces. The chosen project was the winner of a contest in which three others participated and it is the work of the joint application of GMP Arquitectos and L35 Ribas.
According to the white president himself has explained recently, the capacity will not grow. Only 800 new places will be created for people with special needs due to disability, which would increase the total capacity to 81,844 total viewers. Some time ago, Florentino insinuated that the VIP seats of the stadium could be increased, generating discomfort among the members for not opening their hand to more general subscribers. He has recently denied that it will be like that.
At first, the cost was to be 400 million euros. But the changes of the project after the cancellation of the original by the TSJM have raised the cost to 525 million, distributed as follows: 300 million civil works, 100 technical equipment and 125 in the area and improvements in the interior of the stadium.
Who Pays For It?
It was going to pay, in full, with the 20-year sponsorship contract signed with IPIC to put a surname on the stadium. But the investment fund left the agreement, considering that the continuous changes of the specific plan have distorted it; Madrid has denounced the matter in the International Court of Paris. According to Florentino, the moment is propitious so that the own club pays without aid the reform, to be able to accede now to a credit to term to a low interest, that quantifies in between 2.5 and 2.7 percent. Hence, has requested, and obtained, permission of the delegates to borrow for up to 575 million (50 more than the value of the work, it is assumed that the inevitable overruns).
The plan of the club is to tender the work at the end of this year and start next summer, although it has similar plans for several seasons and can be precipitated. The plan is to last three and a half years, Florentino said at a recent meeting with the partners. In the Assembly, at the request of a partner, the president denied that the works will affect the subscribers during the seasons that the reform will last, as he said that the parties that would affect will be reformed in summer. According to the club, the work will adapt well to the sports calendar.
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