With a huge financial value, Real Madrid signs a contract with an American company to invest in the Bernabeu
The Spanish club Real Madrid announced Thursday the signing of an agreement worth 360 million euros (about 380 million dollars) with the Sixth Street investment fund and the American company "Legends" to develop the Santiago Bernabeu stadium and make it more profitable.
"This long-term strategic agreement provides Real Madrid with approximately 360 million euros that the club can allocate to any of its activities," the club said in a statement published Thursday afternoon about the agreement concluded on Wednesday.
"Through this alliance, Sixth Street acquires the right to co-operate some of the new projects at the Santiago Bernabeu for a period of twenty years. Likewise, Legends will contribute its experience and know-how in the operation of large stadiums and recreational centres, allowing for better management of the Santiago Bernabeu."
And according to the American newspaper "Financial Times" and the Spanish specialized press, Real Madrid will waive 30 percent of the income for future concerts and events that will be organized at the Bernabeu.
A new company will also be created to divide these revenues, with 70 percent of Real Madrid and 30 percent of the investment fund Sixth Street, to which Legends is linked. "
The goal is to make the Santiago Bernabeu stadium a unique space and a global standard, " he said. The
Spanish
press announced at the end of January that Real Madrid was negotiating a contract worth 400 million euros over 25 years, but the term of the contract and the amount were modified.
Legends Hospitality is a member of the Sixth Street Fund and specializes in managing Sports stadiums.
The company operates SOFI stadiums in Los Angeles, AT&T stadiums in Dallas, Allegiant in Las Vegas, and LA Galaxy football stadium.
The company was established by the New York Yankees and the Dallas Cowboys, and the investment fund bought 51 percent of its shares in early 2021.
For Real Madrid, the goal is to diversify the club's sources of income through its stadium, as the Bernabeu generates time The current income is only on the days of Real Madrid's matches at home, that is, on 29 days of each year.
Real Madrid launched renovations to its stadium in 2019, investing 525 million euros in the process.
Work is scheduled to be completed in December 2022, coinciding with the 75th anniversary of the founding of the stadium, which opened in 1947.
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