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Real Madrid president Perez requests £515m loan to plunge club into debt for 35 YEARS
REAL MADRID could be plunged into over HALF A BILLION POUNDS worth of debt if Florentino Perez gets his wish to revamp the Bernabeu.
Real Madrid have been debt free for the past three years and this summer earned £105m from the sale of Cristiano Ronaldo.
But the days of record-breaking transfers Galactico could soon be a thing of the past if Perez gets his way.
It is understood the club president is seeking to bring in a staggering £515m worth of loans in order to redevelop the Bernabeu.
A big chunk of the money will be invested into creating a ‘metallic skin’ to surround the stadium with a shell and roof.
This is a dramatic increase from the £358m (€400m) Perez claimed the stadium redevelopment would cost previously.
And the debut would not be paid off until 2053.
Real’s Bernabeu seats 86,000 spectators and there are no plans to grow that capacity, but instead give the ground a face lift.
Perez’s plans will see Real Madrid take out a 35-year loan to pay off the millions borrowed.
He will make a formal presentation of the proposal to Real’s 2,200 delegates at their national Assembly on September 23.
He need a two-thirds approval to get the plans passed and start the process of bringing in the loan.
AS add that Perez has been trying to redevelop the Bernabeu for almost two decades.
The president first brought up the idea of developing the stadium in 2004.
Last year the club suffered a major setback to their financing of the development when the International Petroleum Investment Company (IPIC) withdrew from a £358m (€400m) stadium naming rights deal that would have covered the majority of the redevelopment costs.
Real are instead now set to cover the cost of revamping the ground themselves.