Real Madrid President Perez Prepared to Put Club Into Massive Debt as Bernabéu Revamp Plans Escalate

Real Madrid president Florentino Perez is reportedly willing to see his club take on multi million euros worth of debt, as plans for the Bernabéu renovations look set to go ahead despite failing to gain sponsorship.

According to AS, Perez has hoped to land a major sponsorship deal from mega rich International Petroleum Investment Company, but the agreement collapsed last year. Despite this setback, the owner is reportedly looking to plough on with plans for the renovations, which include a state of the art roof to cover the famous stadium.

The revamp is not likely to include any extra seating, but will see the facilities get a makeover costing in the region of €400m-€500m. However, Perez will require an overall vote of 2/3s approval from the club's members before getting the go ahead. The owner will soon detail his plans to finance the spend, which is likely to involve taking on an eye-watering loan.

Further reports from Marca have claimed that the stadium access points will be renovated and a new innovated 360 degree scoreboard will be constructed. The outlet claim that the renovations could take up to four years, and that Perez aims to get the work under way by the end of the current calendar year.

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It is unclear how obtrusive the work will be, but it is likely that the major renovations will take place during summer breaks, allowing play to continue at the stadium as normal during the season. There has been no suggestion that Los Blancos will look to move to a temporary stadium.