Spain: Real Madrid and Madrid City Council have deal for renovation of the Santiago Bernabeu (€400m)

Real Madrid CF (LaLiga Santander) and the Madrid City Council have found an "agreement to launch the project to remodel the Santiago Bernabéu (81,044 seats) and to improve the urban environment," announced the two parties on 11/10/2016, notably in the presence of Florentino Pérez, president of Real Madrid, and Manuela Carmena, the mayor of Madrid.

The capacity of the Santiago Bernabeu should be increased to 84,000 seats, and the cost of the work, which could begin in 2017 and be spread over three years, will reach up to €400m. The stadium will be equipped with a retractable roof and a curvaceous metal casing. Several Spanish media sources report that Real Madrid has reached an agreement with the investment fund IPIC, owned by the Emirate of Abu Dhabi, which could finance all the renovation in exchange for the naming rights to the stadium.

"Today is a very important day for Real Madrid, for its fans, for its members and for our city. It is a happy day for everyone because as a result of the consensus and this agreement, we will see a dramatic transformation of the Santiago Bernabéu…