Bernabéu remodelling in danger as sponsors pull out - reports
Sponsors Mubadala Investment Company have withdrawn from the project which included covering Real Madrid's stadium and the construction of a hotel.
The plan to remodel the Santiago Bernabéu is in danger of collapsing after sponsors, Mubadala Investment Company, have decided to withdraw from the project, El País reports today.
Bernabéu naming rights deal signed in 2014
Three years ago, Real Madrid reached an agreement with International Petroleum Investment Company (IPIC) to grant the Emirates-based company the rights to rename the Bernabéu for 400 million euros - a figure corresponding to the budget to remodel the stadium, fit a retractable roof and construct other amenities such as a new commercial centre and a hotel. But the sponsorship deal appears to have hit the rocks after the slump in the price of petrol.
Mubadala Investment Company, the parent company of Spanish multinational Cepsa, is also facing difficulties on an internal level after former Managing Director Khadem al-Qubaisi, who signed the agreement with Madrid, was arrested in Abu Dhabi a few months ago accused of misappropriation of funds. According to Spanish daily ABC, Real Madrid plan to go ahead with the project and are looking for another sponsor.
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