La Liga: Real Madrid to embark on €525 million plan to upgrade Santiago Bernabeu by 2022
The financing of the plan was approved at Real Madrid's annual assembly, with work due to begin on the stadium at the start of next year.
Madrid: Real Madrid's plan to upgrade the Santiago Bernabeu by 2022 at a cost of €525 million was given the green light on Sunday.
The financing of the plan was approved at the club's annual assembly, with work due to begin on the stadium at the start of next year.
The proposed changes do not include an expansion of the stadium's capacity of just over 81,000.
Madrid have announced record revenue of €750.9 million for 2017-18 and president Florentino Perez believes the completed project will bring in an extra €150 million per year.
Perez said the loan would amount to up to €575 million, over a maximum period of 35 years, without "any impact on sporting activity".
"It will be more modern, more secure," Perez said. "There are two objectives: to improve the comfort and accessibility for our fans and secondly, to obtain more income."
Perez said Madrid want "to be the first club in the world to exceed the one billion euro revenue mark", an aim shared by his Barcelona counterpart Josep Maria Bartomeu, who has also embarked on a redesign of the Camp Nou.
"There is a window of opportunity," Perez added. "I think we should take advantage of it."
Fati, who has recently returned after almost a year out with a knee injury, will have a release clause in his new deal set at one billion euros.
Messi joined Paris Saint-Germain in August after Barca decided not to renew the Argentinian’s contract due to LaLiga’s strict salary limits.
Barca sit ninth in the table ahead of a crunch week that includes league games against Valencia on Sunday and Real Madrid next weekend, with a Champions League match at home to Dynamo Kiev in between.