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MADRID – Spanish soccer club Real Madrid has lost a US$440 million (S$589 million) legal battle with Abu Dhabi sovereign investor Mubadala over a proposed sponsorship of its Madrid stadium, people familiar with the matter told Reuters. .
Real Madrid is seeking $440m 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.
Year 2014, Real Madrid agree to a strategic partnership Partnering with Abu Dhabi fund International Petroleum Investment Company (IPIC), now Mubadala, to finance the 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 the sponsorship contract expired when a second expansion was agreed in 2017.
Mudabara’s stake includes Spanish energy company Compania Espanola de Petroleos.Reuters
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