Madrid High Court ruling halts Abu Dhabi-backed Real Madrid stadium revamp

A ruling by Madrid’s High Court has halted Abu Dhabi-backed plan to transform the home of Spanish football giants Real Madrid, according to recent media reports.

A statement posted on its official Real Madrid website read: “The High Court of Madrid has overturned the Agreement from 15 November 2012, issued by the Community of Madrid’s Governing Council, which approved the Specific Modification of the Madrid General Development Plan, a decision that affects the Santiago Bernabéu.”

“Following this ruling, Real Madrid will work with the City Council and the Community of Madrid to address those aspects that require attention in order to make the Santiago Bernabéu reform project viable.”

Real Madrid had earlier in October 2015 got into a ‘long-term strategic partnership’ with Abu Dhabi fund International Petroleum Investment Co (IPIC) to help fund the planned stadium overhaul.

The project includes a revamped exterior, a retractable roof and plans to increase its capacity to 90,000, along with a hotel and shopping centre complex alongside.

The club hoped the project would be completed in 2017 but now the plans have been stalled.

Last month, it was reported that Real Madrid’s world famous Santiago Bernabéu stadium could be renamed the Abu Dhabi Bernabéu as part of the deal with IPIC although there has been no confirmation of this.

IPIC owns the Spanish petrol company Cepsa and is in turn owned by Abu Dhabi.

« Previous News: Online marketing platform for the sports industry
» Next News: Hungary pumps in $250mn for 22 stadium projects this year