Real Madrid has lost out on a mega-deal for the naming rights of the Santiago Bernabeu
Real Madrid was granted a license to go through with the redevelopment of Estadio Santiago Bernabeu last week. Their elaborate plans included covering the ground with a state-of-the-art retractable roof. However, Spanish oil and gas giants Cepsa has pulled out of the deal as reported by Spanish newspaper El Economista. Consequently, it means that Madrid will have to sell some of their top stars to fund a spending spree in the summer.
▪️ Abu Dhabi Investment Fund Mubadala, who are the majority shareholders in Cepsa, have pulled out of €400m deal for Bernabéu's naming rights
▪️ Real Madrid had hoped to fund Bernabéu renovation with naming rights & they are now searching for a new sponsor. pic.twitter.com/WJPLvFFzfx
— RMadrid Edition (@RMadridEdition) January 29, 2018
El Economista goes on to report the reason behind the deal falling through. The original agreement, worth around €400 million, was agreed in 2014. But now it has been officially withdrawn because Mubadala, Abu Dhabi Investment fund who are the majority shareholders in Cepsa, believe that the plan has taken too long to come to fruition. Moreover, they also believe that the plan has been downsized and would no longer be like to be a part of that.
This will come as a huge setback to Real Madrid board who intended to make a big splash in the transfer market after a quiet window in 2017. Their recent struggles in front of goal have seen them linked to the likes of Harry Kane, Eden Hazard and Neymar. However, these incomings will have to be balanced by outgoings owing to the recent developments.
Cristiano Ronaldo and Gareth Bale are two players whose exit seems most likely. The Welshman has a lot of suitors in the Premier League along with German giants Bayern Munich but he is happy to stay in Madrid. On the other hand, Ronaldo’s salary demands are too high for any club except a couple. He expects wages in the region of €35m-a-season, to restore parity with Lionel Messi, which only a few clubs are willing to offer.
Daily Mail is reporting that this might mean the departure of Isco and Raphael Varane. These two could be sacrificed for a glamorous forward line by President Perez.
This is sure to come as a huge blow for Madrid board and fans alike. Despite being the second highest earners in football, with a revenue of £592.8 million in 2016-17, Madrid will have to finance the arrivals with a whole host of departures. Madrid’s previous spending sprees have been accompanied by big sales, and they will have to follow suit this time as well.
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