Real Madrid Set To Rename Stadium Abu Dhabi Bernabeu

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Abu Dhabi, sponsors of Manchester City, now looks set to have its name in front of one of the world’s most emblematic stadiums – the Santiago Bernabeu. The Arab Emirate that has bankrolled Manchester City entered into a financial partnership with Real Madrid last November and for around £15million a year over a reported 20-year period they have won the naming rights for the club’s stadium according to Diario AS.

Coca-Cola and Microsoft had both shown an interest in having their name on the Bernabeu but the race looks to have been won by the Spanish energy company Cepsa which in turn is owned by the IPIC (International Petroleum Investment Company) which is owned by the Abu Dhabi government.

Madrid-based Cepsa is Spain’s fourth largest industrial group in terms of turnover, while IPIC, formed in 1984, has invested in 18 leading companies within the energy and related sectors across the globe. In November of last year when the three-year tie-up between IPIC and Real announced by Madrid, president Florentino Perez was caught on camera saying the stadium will be called ‘IPIC or Cespa, whatever they want’. According to the AS report the sponsors have settled for ‘Abu Dhabi Bernabeu’.

The renaming will not take place until the stadium is remodelled. Planning permission for the £375m project is currently stalled because of a European Commission enquiry into possible illegal state aid. Real Madrid are currently finalising financing for the redevelopement and the somewhat unpopular sale of the stadium’s name is seen as one way to raise funds towards that end.

It was revealed last week that Real are the world’s richest club in terms of revenue, raking in a staggering £459.5m in 2013-14 and the renaming of the stadium to earn extra cash is certain to anger supporters of this traditional club. The iconic venue was opened in 1947 and named after the club’s former chairman Santiago Bernabeu Yeste and has hosted four European Cup finals and the 1982 World Cup final.

The £300m Abu Dhabi investment will be the club’s most lucrative deal in its history and, as well as helping fund the redevelopment of the famous old ground, will give Real the best chance of staying ahead of La Liga rivals Barcelona. It was revealed this week that the Catalan giants are reviewing their £123.4m with Qatar Sports Investments which expires next year and is almost certain to increase.