The New Bernabéu: all the details of the stadium reform

The club will make official this Tuesday the reform. At the moment only one estimate of the cost (525 million) and some details of the work are known.

Real Madrid presents on Tuesday at 13:30 in the Palco de Honor of the white stadium the reform of the Santiago Bernabéu that will undertake during the next few years to cover it with a metallic skin and roof it. Florentino Pérez and Manuela Carmena, president of the white club and mayor of Madrid, respectively, will explain the project, although it is not known with what level of detail. This is what is known, so far, the pharaonic reform of the Madrid stadium.

The project

Supone, to a great extent, wrap the stadium with a steel coating, a skin of stainless steel, and roof it completely with a retractable cover besides modernizing the interior facilities. La Esquina del Bernabéu will be eliminated, creating indoor commercial spaces in the stadium and areas liberated outside it, in which the club intends to rent building spaces with which to obtain profitability. The chosen project was the winner of a contest in which three other options participated and is the work of the joint bid of GMP and L35 Ribas. It includes an asymmetrical façade all around the stadium, a perimeter walk, a large main entrance on the side of Paseo de la Castellana to accompany the existing access, the retractable roof will close in 15 minutes, a 360-degree LED screen ...

The capacity

The capacity not only will not grow, but will decrease: will go from 80.243 to 80.242 ... One less seat, specifically. 588 new places will be created for people with reduced mobility. Some time ago, Florentino hinted that the VIP seats of the stadium could be increased, generating discomfort among the members for not opening their hand to more general subscribers. Later he denied that it would be like that. There will be a new step in the East Side which will compensate the capacity that is lost by the supports on which the retractable roof will be fastened.

The cost

In the beginning, the cost was to be 400 million euros. But the changes of the project after the annulment of the original by the TSJM raised the cost, according to Florentino in the last Assembly of Compromisarios, to 525 million, distributed as follows: 300 million civil works, 100 of technical equipment and 125 in conditioning of the area and improvements inside the stadium. That is the last estimate, although this Tuesday could be specified more in the official presentation of the reform.

Who pays for it?

It was going to pay, in full, with the 20-year sponsorship contract signed with IPIC to put a surname to the stadium. But the investment fund broke the agreement, considering that the continuous changes in the specific plan distorted it; Madrid has denounced the matter in the International Court of Paris. In the club they see the moment to finance the stadium with own funds of the club, through an indebtedness that the Assembly of Committees approved last year: the club already has the green light for a credit of 575 million (50 more than what , supposedly, will cost the work) by Bank of America Merrill Lynch and JP Morgan, which in turn will securitize it in bonds that will be placed among American investors, with an interest that could be around 2.5%. The plan of the club is to pay this loan in the next 25-30 years.

The works

Tras months of waiting, the Madrid received on Wednesday March 27 the final license to start the work; He already had the one for the demolition of La Esquina del Bernabéu. He intends to start the works in May, we will have to see if he is capable of meeting those deadlines. The plan is to last three and a half years (the license arrives until October 2022) , Florentino said in a meeting with the partners last year, but works of this extremely rare size do not suffer delays, so it probably extends until four or five years old. Another unknown is who will undertake work: There are four candidates ( Ferrovial, FCC, Acciona and Sanjosé) who have had serious difficulties to present a project of work that is in line with the wishes of the club.

At the Assembly last year, a question of a partner, the president denied that the works will affect the subscribers during the seasons that the reform will last, as he said that the parties that would affect the stand will be reformed in summer and the project will adapt to the sports calendar. The current built area is 120.971 square meters and after the works will be 125,600 square meters; the almost 5,000 extra meters come from the demolition of La Esquina del Bernabéu, although the club will keep the 564 parking spaces under the shopping center.

Photos from

No comments:

Powered by Blogger.