New underground greenhouse to save the Bernabéu lawn

Added on 09 December 2021

Tags

Real Madrid has issued an official statement announcing the extension of the credit for the remodeling that is being carried out at the Santiago Bernabéu. This is the complete information that the white club has published in its official channels:

"Ayer Tuesday, December 7, Real Madrid signed the extension of the financing of the works not initially included in the remodeling project of the Santiago Bernabéu stadium through a new loan for a total amount of 225 million euros, for a term of 27 years and a fixed interest of 1.53%. These conditions are the best ever achieved for long-term financing in the world of sport. The loan also includes a lack of repayment of the principal, in such a way that Real Madrid will not begin to repay the financing until July 30, 2024.

It is important to mention that the operation has been closed without Real Madrid having to provide any type of mortgage guarantee or establishing any financial limitation on the management of the club.

The financing will be used for the realization of a large underground greenhouse that was not planned in the initial work due to its complexity and technologically resolved later. This greenhouse will allow the automatic removal of the pitch and its conservation in optimal conditions and perfect condition to be used when a football match is to be held. In this way, the number of events that can be carried out without impacting the grass will be the maximum possible.

Real Madrid has counted on Key Capital Partners as financial advisor and financing coordinator, and with Clifford Chance as legal advisor. The financing has been structured by JP Morgan and Bank of America. "

Click here to read more.