Real Madrid members’ assembly has given the go ahead to redevelopment of the Bernabeu stadium on Sunday.
There were 1,017 votes in favour, 57 against and 23 abstentions over agreeing a 525 million euro loan to help pay for the work.
Now with the go ahead to the plan already agreed from the local government, the work will go out to tender and the company that is chosen will be named at the start of 2019.
The club’s aim is that the work begins at the end of this season and will take three and half years. Florentino Perez explained that the new stadium will bring in an extra 150 million euros in revenue thanks to improvements to services, the Bernabeu Tour and the official store.
“Right now is the ideal moment with interest rates low, it is opportunity to be taken advantage of,” he said.
“The best way to do it is to have long term financing to give us economic solidity. A payment of 25 million euros a year is on four percent of our income last season.”
To watch the new Santiago Bernabeu stadium video, click here.