Real Madrid Unveil Plans for Stadium Development and Starts Plans to Prevent Future Hostile Takeover
September 26, 2011
Real Madrid president Florentino Perex was delighted by the Club’s plans for redevelopment of the Bernabeu stadium after it was approved on Sunday but warned against hostile takeover’s that may damage the club.
The La Liga giant’s general assembly gave the go-ahead for the plan, which will transform the 80,000 plus stadium. The redevelopment will see the Bernabeu receive a new facelift, along with parking facilities and green areas. Images on the club’s official website showed the stadium completely wrapped in a neon blue cover, with only the pitch remaining uncovered.
Perez told club members that the redevelopment “will represent a radical change to the stadium’s look and will mean that all the stands will now be covered.” He added: “We will provide our stadium with an enveloping skin that will be a landmark architectural achievement worldwide. The Bernabeu must become a unique stadium, the best in the world, and the crowning achievement of the 21st century. It will be our legacy to future generations of Madridistas.”
The Bernabeu has undergone a number of renovations since it opened in 1947. Perez oversaw a significant redevelopment of the stadium during his first spell in power between 2001 and 2006.
While this is good news for the immediate future of the club Perez has spotted a threat for the distant future as he wants to guard from hostile takeovers.
Perez has plans to change the member-owned team’s statutes to prevent a hostile takeover after buyouts in the English Premier League and other championships.
Perez told the club’s annual general meeting yesterday he was concerned a wealthy investor could try and ally with some members to buy the nine-time European champions.
Foreign investors such as the U.S.’s Glazer family, who bought Manchester United for $1.2 billion in 2005, have acquired clubs in the English Premier League over the last decade. The Qatar Investment Authority agreed to take control of Paris Saint-Germain in May.
“A rich man could come along like in England or France and with the support of some members take over the club,” Perez said. “That’s a concern, of course, and we intend to change the statutes to make sure that doesn’t happen.”
Real remains the biggest team by sales in any sport after revenue climbed 8.6 percent to $646 million in the year to June 30, according to Perez. Real has led Deloitte LLP’s list of biggest soccer teams by sales since overtaking Manchester United in 2005.
The club’s revenue has increased an average 14 percent every year since 2000, Perez said. Like archrival Barcelona, Real Madrid is owned by its members who vote in its president and board of directors every four years. Real has about 90,000 members.