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Real Madrid

Enrique Sánchez, secretary of the Real Madrid Board of Directors and Eduardo García, a lawyer from Clifford Chance, signed the stadium renovation financing agreement.


The Board of Directors of Real Madrid, held today, Friday April 12, 2019, having obtained previous authorization from the Delegate Members at their Ordinary Assembly held on September 23 2018, has approved the completion of the financing for the remodeling of Santiago Bernabéu Stadium for a total amount of 575 million euros in a 30 year period and with a fixed interest rate of 2.5%.
The financing has been structured through a loan with three tranches –July 2019, July 2020 and July 2021–, according to the payment schedule foreseen for the completion of the works. Furthermore, a three year deferral period for the principal of the loan has been agreed, which will result in Real Madrid paying an annual debt service of 29.5 million euros, starting on July 30 2023, and until maturity on July 30 2049.

It should be remarked that Real Madrid has closed this transaction without any type of mortgage guarantee nor any kind of financial covenants on the management or indebtedness of the Club. The Club will be thus running its regular activities without being affected by the payments of the works.

The new income generated by the renovation will not only finance the costs of the works but will also significantly increase the Club’s recurring revenues, thus allowing Real Madrid to maintain its sports and economic leadership for the decades to come.

This financing will be the stepping-stone towards achieving an authentic architectural innovation for our stadium, located in the heart of the city, improving the urban environment. The new, avant-garde Santiago Bernabéu Stadium will become a universal icon, a reference for 21st century stadiums around the globe. It will be more modern, more comfortable, safer and designed for entertainment with innovating shops and the latest technological developments. It will certainly be the digital stadium of the future.

The Museum will be significantly bigger and a new Interactive Museum will be created with cutting-edge virtual reality technology. The Tour of the Bernabéu experience will be improved with a new perimetric panoramic tour around the whole stadium, with additional leisure and dining spots. It will undoubtedly become a major tourist attraction for all those who visit Madrid.

As of the date of closing, the financing structure has obtained a private rating, Investment Grade, from two world-renowned rating agencies, Fitch Ratings and DBRS.

Key Capital Partners acted as the financial advisor and coordinator of the financing project for Real Madrid. The financing has been structured by J.P Morgan and Bank of America Merrill Lynch with the collaboration of Banco Santander and Société Générale. CaixaBank will be the agent in the transaction.