Real Madrid has secured an extended $255 million loan from JPMorgan and Bank of America for the redevelopment of Santiago Bernabeu Stadium.
The extension has a 27-year term with a 1.53% fixed interest rate — reportedly the “largest” conditions ever for a long-term loan in the sports industry. Real Madrid will not start repaying until July 2024 thanks to a grace period.
The funding will allow Real Madrid build a new greenhouse, helping preserve “optimal conditions” for a retractable pitch that opens the door for additional events to be held at the facility.
Other Stadium Plans
Secured in April 2019, the initial loan is worth $651 million and will be used toward the retractable roof, 360-degree video scoreboard, and exterior skin of steel bands for image projections.
Reports also stated that the new stadium will include space for a casino, first-class restaurant, and museum. The redevelopment plan is not expected to be completed until the end of next year.
The team was valued at $4.75 billion in April, beat out only by rivals Barcelona, valued at $4.76 billion. In the 2019-20 season, Real Madrid brought in $792 million in revenue.
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