Sport

Real Madrid borrow another 225 million euros to complete the renovation of Santiago Bernabéu

December 9 – Real Madrid have agreed to extend a loan of 225 million euros to complete the renovation of the Santiago Bernabéu. The club said the loan requested to be made “wasn’t a job” in the original plan.

The loan sits on top of an initial €575 million loan for the stadium project, secured in April 2019 through a consortium of lenders led by JP Morgan and Bank of America Merrill Lynch.

That loan is being repaid over a 30-year term, with a fixed interest rate of 2.5%, costing around €29.5 million a year with the first three annual payments deferred.

Similar lenders are offering new loans with a term of 27 years and with the same term at the end of July 2049, but cheaper at a fixed rate of 1.53%.

A club statement said: “These conditions are the best ever for long-term financing in the sports industry. The loan also includes a grace period for the repayment of the principal, so Real Madrid will not begin repaying the loan until July 30, 2024.”

The loan will finance the construction of an underground greenhouse that will be used to maintain the condition of the planned retractable turf. This will keep the playing surface in optimal condition while still allowing the stadium to be used for other events.

“It should be noted that Real Madrid closed this transaction without any form of collateral security nor any financial limitations that would affect the normal management of the club.” club statement.

Contact the writer of this story at moc.l1639042535labto1639042535ofdlr1639042535owedi1639042535sni @ n1639042535osloh1639042535cin.l1639042535uap1639042535

http://www.insideworldfootball.com/2021/12/09/real-madrid-borrows-another-e225m-complete-santiago-bernabeu-renovation/ Real Madrid borrow another 225 million euros to complete the renovation of Santiago Bernabéu

JOE HERNANDEZ

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