Real Madrid have reportedly made a significant step in their bid to redevelop the Santiago Bernabeu, after it emerged that they had now secured a €575m bank loan for the plan.
Club president Florentino Perez has been a long-time advocate over redeveloping the iconic stadium and had previously entered into talks over finding a naming rights partner to help fund the project.
However, potential investors were reportedly unsettled by the notion of upsetting the historical status of the venue, claiming that the situation would be different if the club were building a new ground.
Now, according to Spanish publication El Confidencial, Madrid have made a huge stride in their redevelopment plans after Bank of America Merrill Lynch and JP Morgan agreed to grant the club a €575m loan for the venture.
The report adds that the two US banks will be joined in the deal by both Santander and CaixaBank, although the latter pair are not as heavily invested in the agreement.
It was previously reported that JP Morgan were the front-runners to fund the development, which if goes to plan, would see La Liga side’s 81,044-seater stadium undergo a major reconstruction to help generate an approximate €150m a year in additional revenue.
Despite Perez previously forecasting that Madrid’s debt from the project would be paid off at a fixed rate over the next 35 years, El Confidencial’s latest report has suggested that the club are only estimated to pay for the financing for the following 30 years