A company from the United Arab Emirates won the right to assign a new name to the Real Madrid Stadium Santiago Bernabeu in Spain.
The City Hall of Madrid on Wednesday, May 31, approved the multi-million dollar renovation project of the Santiago Bernabeu Stadium in Madrid, which is the home arena of the Real Madrid club.
The sponsor, IPU Abu Dhabi Oil Company, received the right to rename the stadium with a capacity of 81 thousand people.
In 2015, it became known that, according to the sponsorship agreement, the arena will receive a new name Abu Dhabi Santiago Bernabeu.
It is reported that as part of the renovation, a moving roof will be installed at the stadium, as well as a shopping center and, possibly, a hotel.
The original plan provided for the expansion of the stadium, but it was rejected by the Supreme Court of Madrid in 2015 on the basis of an investigation by the European Commission on the revaluation of land. In the fall of 2016, the club returned a total of 20.3 million euros to the city council of Madrid.
