Real Madrid's Bernabeu remodelling costs set at €400 million LaLiga Perez's company ACS won't be involved

Florentino Perez has confirmed that Real Madrid are onto the next phase of the Estadio Santiago Bernabeu's remodelling, with the project's overall cost currently set at 400 million euros.

Hoped to be completed by 2022, the plans involve a retractable roof that will completely change the exterior of the 71-year-old venue, adding 12 metres to it in height and a luxury hotel.

"The works are very complicated, we have completed the urbanisation and parceling phases, now we have the execution project which takes a long time," Real president Perez told ACS Group's shareholders meeting on Tuesday.

Perez is the chairman and CEO of the Spanish civil engineering company and thus they won't be involved in the project under club rules that board members' businesses do not participate in matters associated with Los Blancos.

Madrid City Council have already given their green light to the demolition of the two circular towers situated on the west side of the stadium, which will affect around 82,000 square metres of space.

Once completed, there will also be a 12,003 square metre park public park area situated on the Paseo de la Castellana side of the Bernabeu with a 32,269 square metre space set to be taken up by the remodelling of the stadium itself.