MADRID: Real Madrid have moved a step closer to redeveloping their Santiago Bernabeu home after Bank of America Merrill Lynch and JP Morgan agreed to grant the Spanish soccer giants a €575 million (US$650 million) loan for the project.
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The two US banks will be joined in the deal by Santander and CaixaBank, although , according to El Confidencial, the Spanish financial institutions are reportedly not as heavily financially invested in the agreement.
JP Morgan has previously been reported as the front-runner to fund the redevelopment, which will see Real Madrid’s 81,044-seater home undergo a major revamp that the LaLiga club hope can generate €150 million a year in additional revenue.
Club president Florentino Perez has previously said that Madrid’s debt from the project will be paid off at a fixed rate over 35 years. El Confidencial’s latest report says that the club are estimated to pay for financing over a period of 30 years, with a maximum interest of 2.5 per cent.
Back in November Real signed a deal with sponsorship sales agency Legends to help secure additional funding for the project.
Redeveloping the Bernabeu has long been the desire of Perez, who previously tried to find a naming rights partner for the stadium to help fund the project. However, potential investors were reportedly put off by the historic status of the venue, expressing that the situation would be different if the club was building a new ground, rather than renaming and redeveloping the existing arena.
On the pitch, Real Madrid beat Ajax 2-1 in the first leg of their UEFA Champions League round of 16 tie on Wednesday. They return to LaLiga action at home to Girona on Sunday.
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