Two American banks, along with lesser involvement from Spanish institutions, mean that Florentino Perez’s remodelling of the stadium is a step closer.
According to El Confidencial, Real Madrid have already been granted the necessary loans to finance the remodelling of the Santiago Bernabéu stadium.
New Bernabeu coming for Madrid
US banks Bank of America Merrill Lynch and JP Morgan have agreed to grant the Spanish footballing giants a loan of 575 million euros, in a deal that will also involve Spanish banks including Santander and CaixaBank, although they will carry less exposure.
As El Confidencial announced on 15 October 2018, JP Morgan was the number one candidate to become the main financier of Real Madrid. This operation was so important for the financial group that its global president, James Dimon, made a personal visit to meet Florentino Pérez last summer to express his interest in participating in the transaction.
Now joined by Bank of America Merrill Lynch, whose president in Spain, Joaquin Arenas, has managed to position the company at the same level as JP Morgan in terms of financing the required work for the Bernabéu.
According to the report, Real Madrid are estimated to pay for financing over a period of 30 years, with a maximum interest of 2.5%, an annual payment of 25 million euros.