Real Madrid secure 575m euro loan to remodel stadium

Real Madrid, who unveiled ambitious plans for a 'digital stadium of the future', secured a whopping 575 million euros

Madrid: La Liga giants Real Madrid have secured financing to revamp the iconic Santiago Bernabeu stadium with construction due to begin at the end of this season. The revamped stadium will be opened to host matches in 2023.

AlsoRead:WATCH: We are not favourites to get the top four, claims Tottenham coach Pochettino

Real Madrid, who unveiled ambitious plans for a 'digital stadium of the future', secured a whopping 575 million euros ($649.41m) which they will start paying back in 2023 at a fixed interest rate of 2.5 per cent and will get rid of the debt by 2049.

As per the loan norms, the club will pay an annual debt of 29.5 million euros per year for 26 years period that will be effective from 2023.

The 13-time Champions League champions made it clear that the revamped stadium will not increase the 81,000 capacity and would not affect other aspects of the stadium including player transfers.

AlsoRead:WATCH: Messi trains with Barcelona ahead of league visit to Huesca

Real Madrid president Florentino Pérez announced the remodelling project last week. The 72-year-old stadium will get a retractable roof and a revamped exterior to give the stadium a brand new look, including a 360-degree video screen.

The stadium will also have a facility for pedestrians, expanded megastore, interactive museum, restaurants and bars to generate more revenues for the club.