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Monday, May 20, 2024

Real Madrid loses 440 million lawsuit against Abu Dhabi’s Mubadala


Spanish soccer club Real Madrid has lost $440 million in a lawsuit with Abu Dhabi sovereign investor Mubadala over a proposed sponsorship of its stadium in Madrid, people familiar with the matter told Reuters.

Real Madrid is seeking 400 million euros ($440 million) from Mubadala for what it says is the Abu Dhabi sovereign investor’s failure to honor a sponsorship deal that would have given it 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 entered into a strategic partnership with Abu Dhabi fund International Petroleum Investment Company (IPIC), now Mubadala, to finance 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.

A later plan, approved by Madrid’s city council in 2017, differs from the one agreed by the football club and Mubadala.

The court ruled that by the time the second expansion was agreed in 2017, the sponsorship contract had expired.

Allen & Overy and GBS Disputes advised IPIC Mubadala and Alonso & Díez-Hochleitner Abogados and Pérez-Llorca advised Real Madrid.

Mudabara’s stake includes Spanish energy company Compania Espanola de Petroleos.



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