Madrid Strike £350m Deal With Manchester City

REAL Madrid have struck a £350m deal with Manchester City owner, Sheikh Mansour to redevelop the iconic Bernabeu Stadium.

The European champions want to give the Bernabeu a massive facelift and have secured multi-million pound funding from the company headed by Sheikh Mansour.

Real, who face Liverpool in a Champions League Group B clash in Madrid tomorrow, have turned to the billionaire due to debts of almost £500m.

The Spanish giants are now relying on Sheikh Mansour’s company, ‘International Petroleum Investment Company’ (IPIC) to give them an injection of funds for the renovation of the Bernabeu.

Sheikh Mansour has invested more than £1b in City since buying the club in September 2008 to transform the club’s fortunes.

City have overtaken neigh-bours Manchester United to win two of the last three Premier League titles and secured a fifth successive derby win over their red rivals on Sunday.

But despite Sheikh Mansour’s involvement at the Etihad Stadium, his role as chairman of IPIC does not break UEFA rules on club ownership.

The Abu Dhabi royal family have no stake in Real beyond the upcoming investment by IPIC, which has been described as a ‘long-term strategic partnership’ with the Spanish giants.

In return for the funding, Real have agreed to promote Abu Dhabi around the world.

IPIC managing director Khadem Al Qubaisi said: “IPIC is proud to join forces with Real Madrid, the world’s top football club and sporting brand.

Real president Florentino Perez said the result of the partnership will be “one of the best stadiums in the world, a unique architectural landmark for the city of Madrid and a symbol of innovation for our country.”

IPIC’s investment will also fund a series of Real Madrid museums, expansion of the club’s global network of football schools and the creation of content for digital-media platforms.


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