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MADRID – Spanish soccer club Real Madrid has lost a US$440 million (S$588 million) legal battle with Abu Dhabi sovereign investor Mubadala over a proposed sponsorship of its Madrid club, people familiar with the matter told Reuters. stadium.
Real Madrid is seeking 400 million euros (S$588 million) in damages from Mubadala after it says the Abu Dhabi sovereign investor failed 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 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.
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 Advise IPIC Mubadala, Law Firm Alonso & DÃez-Hochleitner and Pérez-Llorca Advise Real Madrid
Mudabara’s stake includes Spanish energy company Compania Espanola de Petroleos.
Also read: Rodrygo scores twice as Real Madrid ease into Champions League semi-finals
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