Real Madrid are reportedly looking for a new loan to cover the costs of their Santiago Bernabeu renovation.
According to The Athletic, the club’s board of directors will ask members to approve a new €370 million loan for the redevelopment of their stadium.
The board has planned to do so in a document sent to members before a general assembly scheduled to take place on November 11.
They have listed ‘price revisions’, ‘unforeseen works’ and ‘improvements and complementary facilities’ on the project as the reasons for the latest borrowing.
The board’s move will likely be approved by a majority support among club members.
Madrid are working to increase the Bernabeu’s capacity by about 4,000, taking it to approximately 85,000.
The renovation works, which also include an expanded VIP area, started in 2019, but they are yet to be completed.
It is expected the project will be completed by the end of the year.
The latest €370m loan will be their third and will take the stadium renovation costs to at least €1.4bn.
When a second €225m loan was requested for the redevelopment works in 2021, an incredible 1,582 votes favoured it while only 16 opposed. The club took its first loan of €575m in 2019.
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