Plans for Real Madrid’s new stadium have been discussed in greater detail by president Florentino Perez, who believes it will bring in 150 million euros in extra revenue per season.
Los Blancos are keen to perform upgrades onto their current Estadio Santiago Bernabeu home after confirming their plans last year.
One avenue that he also announced would not be explored by the club is sponsorship naming rights for the venue.
“Our plan was approved for the stadium in May 2017 and it is definitive which gives us free rein over the construction,” Perez told the room at the members’ assembly.
“We now have to tender the works and approve the financing proposal.
“We hope that work can start at the beginning of next year and it is estimated that it will take three-and-a-half years to complete.
“The cost was to be 400 million euros but the modification of the project to comply with new obligations from the Madrid Court of Justice ruling has led to an increase to 525 million euros.
“Now is the ideal time for it with low interest rates, it is an opportunity we have to the advantage of because in addition, our debt has became negative.
“Our financial strength allows us flexibility and the annual fee of about 25 million euros is less than four per cent of our revenues from last season.
“The new stadium will also bring us in 150 million euros per season.”
Perez also took the opportunity to discuss in greater detail what exactly the new stadium works will provide.
“It will be more modern, more secure. There are two objectives: improving comfort and accessibility for our fans and secondly, to obtain more income,” he explained.
“All locations will have new sears, new services, two new towers in Castellana will allow for better exiting, better access and the movement of fans will be more fluid.
“Technological advances and audiovisual media will be present throughout the stadium as well as a new screen.
“There will be 800 new locations for people with different disabilities and two new club stores, one in Castellana and the other in Padre Damian.”