Real Madrid Reveal Staggering Cost of Santiago Bernabeu Renovations

Real Madrid began work on their famous stadium in 2019 and hope to complete renovations soon.

Real Madrid have nearly completed their renovations of the Santiago Bernabéu. / IMAGO/ZUMA Press Wire

Real Madrid have confirmed they have spent well over €1 billion ($1.3 billion) on the ongoing renovations on the Santiago Bernabéu.

Beginning back in 2019, Real Madrid authorized modernization works on their famous home, installing a retractable roof and a removable pitch among many other features.

The structural work has all been completed, with Madrid now focused on adding other commercial assets in a bid to turn the Bernabéu into a multi-purpose events hub capable of raising money through hosting.

In their latest club accounts, Madrid confirmed their total spend on the Bernabéu currently sits at a whopping €1.3 billion ($1.5 billion). The club stated this will be close to the final total.

A large part of that was funded through a loan which Madrid have now started repaying. The current debt sits at €1.1 billion ($1.3 billion).

“The final steps of the stadium remodeling will be conducted during the 2025/26 financial year,” a statement read, “including certain catering activities and noise reduction improvements for concerts.

“Pending the resumption of concerts hosted at the stadium, under approved conditions, the Club anticipates further growth in revenue from VIP seating, the RM Experience and other stadium marketing activities, with the notable event of hosting an NFL game at the stadium.”

Budgeting for the stadium has largely been kept separate to Madrid’s finances. The club reported a cash balance of €166 million ($193 million)—twice as high as the 2023–24 season—and €1.2 billion ($1.4 billion) in revenue, but the stadium costs are not part of those calculations.

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