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The naming rights for the stadium for the sum of 500 million euros for 20 years will be sold to the United Arab Emirates-based company, the International Petroleum Investment Company (IPIC).
"Real" club president managed to achieve the main goal - not only to sell the name of the stadium and receive the much-needed money for its renovation, but to keep the name of the club legend Santiago Bernabeu in the new name.
It is expected that the renovation works of the stadium will be completed in 2017. The number of seats in the stadium will increase from 81 thousand to 90 thousand.
"We want to build the best stadium in the world. If we want to do this without additional debt, there is no other way - we need to sell the naming rights," said F.Perezas.
"Real" will be only the second Spanish club after Barcelona's "Espanyol" to sell the naming rights to the stadium.
In England, many clubs have sold the names of their stadiums. For example, in 2004, London's "Arsenal" signed a 15-year contract worth 100 million pounds with "Emirates Airlines" and named their stadium "Emirates Stadium". In 2012, the contract was extended for five years for 150 million pounds.
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