Pictures of how the Bernabeu Stadium will look (copyright: realmadrid.com)

Real Madrid will add a retractable roof to the Santiago Bernabeu after finally reaching an agreement with the city to remodel the stadium.

Madrid president Florentino Perez revealed on Tuesday the project would cost 400 million euros (£360m) with construction expected to start next year.

The revamped venue, which will also carry a new facade, is expected to be fully completed by 2020.

"We will see a dramatic transformation of the Santiago Bernabeu," Perez said.

"This stadium is one of the emblematic icons of our city and we want to make it one of the best stadiums in the world and the undisputed symbol of the strength of our capital."

Madrid had tried to remodel its famed venue on several occasions but earlier projects were rejected by the city and court decisions.

Aerial view of how the Santiago Bernabeu currently looks

"With this agreement we will start a process of modernisation and transformation that will convert the stadium into an avant-garde architectural icon," Perez added.

"This stadium will act as an economic and touristic invigorator and will contribute to strengthening the image of our city."

The venue, originally inaugurated in 1947, will maintain its capacity of more than 80,000, although the seating sections may be redesigned. One of the stadium's most notable features, the four corner access towers, will be covered by the new facade.

Image of how the Bernabeu Stadium will look (copyright: realmadrid.com)

Perez said the Bernabeu would maintain its name, but it may gain a "surname" from a sponsor like at stadiums "everywhere in the world".

Because of the agreement with the city, Madrid will not be allowed to increase the total size of the structures already in place, so it will have to rearrange the current constructions to be able to remodel the venue.

The Bernabeu stands in the middle of the high-end neighbourhood of Chamartin. In March, rivals Barcelona announced their own remodeling project for the Camp Nou, increasing capacity from 99,354 to 105,000 after construction is fully finished in about five years.

The stadium will also have a new roof covering all seating sections.

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