Real Madrid Cepsa to finance project in return for naming rights

New Bernabéu to be world's third biggest stadium

The new Über Bernabéu

Madrid City Council and Real Madrid will this week present their new agreement for the redevelopment of the Estadio Santiago Bernabeu.

Los Blancos have worked with a team of architects to develop a fresh plan which meets the new conditions stipulated by the courts last March, when a previous land exchange deal with the 2012 Madrid City Council administration was thrown out.

Given that the club cannot build on public space under the new requirements, the stadium will be built upwards, while the proposed hotel will not become reality.

Ambitious proposals to redevelop the museum - one of the most visited in the city - are also set to be included.

While the capacity will remain roughly the same, the main changes will be seen in the enhanced VIP areas and in the form of a retractable roof.

Ideally, Real Madrid would like to begin the redevelopment next summer, which would see the updated Estadio Santiago Bernabeu finished within two-and-a-half years.

In terms of the financing of the work, the 350 to 400 million euros tab will be picked up by the IPIC Fund, which is owned by oil and gas company Cespa, who will receive naming rights.

With the new plan ready, the capital city's mayor Manuela Carmena and Real Madrid president Florentino Perez will present their new vision for the stadium in Cibeles Palace, with the event expected to take place on Tuesday, although it is yet to be confirmed.