:Real Madrid have reached a 360 million euro ($380.95 million) settlement with Sixth Street to develop and function new companies on the Santiago Bernabeu stadium for 20 years, the LaLiga membership stated on Thursday.
The Spanish champions, who received a record-extending thirty fifth LaLiga title in April, stated the partnership included Legends, a premium experiences firm that caters to sports activities and reside venue organisations.
Sixth Street, which has greater than $60 billion of belongings underneath administration, has expertise in infrastructure and sports activities. It has invested a majority stake in Legends.
“As part of the long-term partnership, Real Madrid will receive approximately 360 million euros to be invested across any of the club’s activities,” Real Madrid stated in a press release https://www.realmadrid.com/en/news/2022/05/19/strategic-agreement-between-real-madrid-sixth-street-and-legends.
“Through this alliance, Sixth Street acquires the correct to take part within the operation of sure new companies of the Santiago Bernabeu stadium for 20 years.
“In addition, Legends will contribute its experience and knowledge in the operation of large stadiums and leisure centers, allowing for the optimization of the management of the Santiago Bernabeu stadium.”
The settlement, which the membership stated would permit for a number of occasions to be hosted on the stadium all year long, was ratified at a gathering of Real’s board of administrators on Wednesday.
“The transformation of the Santiago Bernabeu Stadium will be a turning point in the history of Real Madrid,” membership president Florentino Perez stated.
“This agreement strengthens the club’s goal of continuing to significantly increase the stadium’s revenues from both sporting and other types of events.”
The membership’s normal meeting authorised a brand new 225 million euro mortgage in November, rising the dimensions of its structured finance deal with JP Morgan and Bank of America to 800 million euros.
That deal will allow the membership so as to add a state-of-the-art retractable hybrid pitch that may be moved underground to a 24-metre deep greenhouse so the primary venue can be utilized for different functions, producing extra income with out spoiling the grass.
The Spanish membership performed final season at their Alfredo di Stefano coaching floor because the Bernabeu was refurbished, returning to the primary stadium for LaLiga matches in September final 12 months.
Real will probably be seeking to safe a record-extending 14th Champions League title once they face Liverpool within the ultimate in Paris on May 28.
($1 = 0.9450 euros)
Source : channelnewsasia.com