Man City owner to fund Real Madrid stadium renovation

0 Comments

If you’re looking for a man with deep pockets to pump money into your football club, Sheikh Mansour is your man.

The deputy prime minister of the United Arab Emirates owns the Abu Dhabi United Group, who purchased Manchester City in 2008.

[ RECAP: City win fourth straight derby ]

Since then, Sheikh Mansour has put over $1 billion into turning City into one of the premier clubs in the world.

Sheikh Mansour is also the chairman of the International Petroleum Investment Company (IPIC), which recently agreed to fund the renovation of Real Madrid’s Santiago Bernabeu Stadium.

[ RELATED: Cristiano Ronaldo cleans up La Liga awards ]

The project is expected to take about three years to complete and will cost nearly $600 million dollars. Considering Real Madrid is about $700 million in debt, they are relying on Sheikh Mansour’s money to provide “commercial means to build the world’s greatest sports venue”.

The Bernabeu is already one of football’s most iconic stadiums, hosting four European Cup finals, a Champions League final and matches for the 1982 World Cup.

[ RELATED: Manchester City slammed with Financial Fair Play penalties ]

The stadium’s current capacity is around 81,000, with plans to expand to over 85,000, making it one of the largest soccer stadiums in the world.  Real Madrid president Florentino Perez said the stadium will become “a unique architectural landmark for the city of Madrid and a symbol of innovation for our country.”

As Manchester City’s owner, Sheikh Mansour is not violating any UEFA rules by funding this project because he is not receiving any stake in Real Madrid. Instead, Real has agreed to promote his brand globally in exchange for his funding of the renovations.