Real Madrid president Florentino Perez has said the Spanish Liga football club is in talks with 10 companies over the naming rights to its Santiago Bernabeu stadium.
Perez confirmed last year that the club was in negotiations over a naming rights deal for its historic home, with Real needing to raise finance to aid its redevelopment project.
Speaking during Real’s general assembly on Sunday, Perez said, according to the AFP news agency: “We are looking for a sponsor. At the moment we are negotiating with 10 companies to see if one is capable of uniting their name with that of the Bernabeu for this great stadium.”
Perez’s comments come as Spanish newspapers Marca and Diario AS said that Abu Dhabi-owned International Petroleum Investment Company and the Emirates airline, respectively, were close to sealing the contract. Madrid-based Marca said IPIC is set to sign a 20-year deal worth between €450m ($580.5m) and €500m.
Although AS did not disclose terms, the newspaper said that Emirates is close to agreeing a contract with Real, adding that the options of Fly Emirates Santiago Bernabéu, Fly Emirates Bernabéu or Bernabéu Fly Emirates are being considered. Emirates currently has a shirt sponsorship deal with Real under a five-year contract running from 2013-14 to 2017-18.
In January, Perez unveiled plans to redevelop the Bernabeu. The proposed facelift included a retractable roof, hotel, shopping complex and leisure centre next to the stadium. The project is projected to cost between €400m and €500m, but is currently stalled with the Plataforma Civica de Vecinos del Bernabéu (Neighbours of the Bernabéu Civil Platform), protesting against the proposed works being carried out.