MADRID, Spain -- Real Madrid presented its redesign of the Santiago Bernabeu Stadium on Friday, a reported 400 million euros ($540 million) renovation it expects will transform its home ground into a world icon.
German company GMT Architects, which has also designed the Arena Amazonia World Cup stadium in Manaus, Brazil, will lead the redesign which will see the stadium receive a new exterior with a hotel and shopping centre added.
Madrid, which has debts of over 500 million euros ($675 million), plans to finance the project by selling naming rights to the stadium and through a bond issue among Madrid members.
President Florentino Perez says "we want the new stadium to be a world icon."
The Bernabeu, which was inaugurated in 1947, was last reworked for the 1982 World Cup.