News

Real Madrid signs deal worth $380M for Bernabéu management


MADRID (AP) — Real Madrid has signed a stadium administration deal for the Santiago Bernabéu value 360 million euros ($381 million), the membership mentioned Thursday.

The settlement was reached with funding agency Sixth Street and “experiences company” Legends, which focuses on organizing sports activities and different occasions and is partly owned by Sixth Street.

The cope with the U.S.-based corporations comes with Madrid near signing Paris Saint-Germain ahead Kylian Mbappé, who would arrive as a free agent however command a club-record wage. One of soccer’s prime stars, the 23-year-old Mbappé’s contract with PSG expires on the finish of this season.

Real Madrid mentioned the cash from the deal might be invested in “any of the club’s activities.”

Madrid has not signed any prime gamers in the previous few switch home windows and at the moment holds the league’s highest spending restrict at 739 million euros ($783 million).

The membership this season gained a record-extending thirty fifth Spanish league title and will likely be seeking to win a record-extending 14th European trophy when it faces Liverpool within the Champions League remaining on May 28 in Paris.

Sixth Street acquired the precise to take part within the operation of sure new companies of the Bernabéu for 20 years, Madrid mentioned. The actual stake the corporate may have was not instantly disclosed by the membership.

Legends, in the meantime, “will contribute its experience and knowledge in the operation of large stadiums and leisure centers, allowing for the optimization of the management” of the stadium.

“This alliance with Sixth Street and Legends, world leaders in their respective disciplines, will be fundamental in providing unique experiences in a stadium where multiple events can be hosted throughout the year,” Madrid mentioned in a press release. “This agreement strengthens our goal of continuing to significantly increase the stadium’s revenues from both sporting and other types of events.”

Sixth Street mentioned it manages over $60 billion in belongings globally and can also be linked to the San Antonio Spurs within the NBA, in addition to to Airbnb and Spotify. Last yr it invested a majority stake in Legends, which was fashioned in 2008 by associates of the New York Yankees and the Dallas Cowboys.

“Real Madrid’s Santiago Bernabéu is hallowed ground in the world of football, and we are honored to be joining this partnership to invest in the innovative, long-term strategic vision that has guided the club’s consistent success over its storied history,” mentioned Alan Waxman, co-founder and CEO of Sixth Street.

The Bernabéu is present process main renovation, getting a brand new roof, fashionable video screens and a retractable discipline in a undertaking that was anticipated to value near 1 billion euros ($1.05 billion). The aim was to have it accomplished by the tip of the yr. Last season, the staff performed on the small Alfredo Di Stéfano Stadium on the membership’s coaching middle. The renovation work was expedited as followers weren’t allowed due to the coronavirus pandemic.

Madrid rival Barcelona can even renovate its Camp Nou Stadium. It not too long ago reached a naming rights deal for the venue with streaming firm Spotify believed to be value 400 million euros ($424 million) over 12 seasons.

Barcelona and Madrid didn’t be part of within the Spanish league’s cope with non-public fairness agency CVC, which can herald about 2 billion euros ($2.1 billion) in funding to Spanish golf equipment. They say the deal offers an excessive amount of energy to CVC over the golf equipment’ tv rights offers for the following 5 a long time.

___

More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports

___

Tales Azzoni on Twitter: http://twitter.com/tazzoni





Source hyperlink

Leave a Reply

Your email address will not be published.