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Madrid: Spanish Football real Madrid Lost a $440 million lawsuit Abu Dhabi Sovereign Investor Mubadala has questioned his proposed sponsorship of the stadium in Madrid, sources familiar with the matter told Reuters.
Real Madrid claim 400 million euros ($440 million) exchange Because it said the Abu Dhabi sovereign investor had failed to deliver on a sponsorship deal under which it would get naming rights to the Santiago Bernabéu stadium for 20 years. “The tribunal constituted under the rules of the Paris Court of International Trade ruled in favor of (Mubadala),” the source told Reuters.
In 2014, Real agreed to a strategic partnership with Abu Dhabi fund International Petroleum Investment Company (IPIC), now Mubadala, to help fund a planned stadium overhaul.
The project seeks to add a dramatic new roof and exterior to the existing structure, and includes a hotel and a shopping mall to help boost revenues for the world’s highest-grossing club.
Real Madrid claim 400 million euros ($440 million) exchange Because it said the Abu Dhabi sovereign investor had failed to deliver on a sponsorship deal under which it would get naming rights to the Santiago Bernabéu stadium for 20 years. “The tribunal constituted under the rules of the Paris Court of International Trade ruled in favor of (Mubadala),” the source told Reuters.
In 2014, Real agreed to a strategic partnership with Abu Dhabi fund International Petroleum Investment Company (IPIC), now Mubadala, to help fund a planned stadium overhaul.
The project seeks to add a dramatic new roof and exterior to the existing structure, and includes a hotel and a shopping mall to help boost revenues for the world’s highest-grossing club.
However, in 2015, the Madrid Court stopped the original renovation of the stadium.
Later plans by madrid city council In 2017, the agreement reached with the club and Mubadala was different.
The court ruled that by the time the second expansion was agreed in 2017, the sponsorship contract had expired.
Allen & Overy and GBS Disputes Advise IPIC Mubadala, Law Firm Alonso & DÃez-Hochleitner and Pérez-Llorca Advise Real Madrid
Mudabara stake includes Spanish energy firm spanish oil company.
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