Spanish soccer giant Real Madrid will revamp its stadium in a partnership with Legends and investment firm Sixth Street, a deal that will give the club €360 million (about $380 million) to invest in any of the club’s activities, according to a press release.
Madrid’s Santiago Bernabéu Stadium has been the soccer team’s home since the 1940s, seating about 80,000 fans. The new deal with seek to make the facility “a unique venue and a worldwide benchmark for leisure and entertainment,” according to the statement.
In return Sixth Street will get the right to participate in “certain new businesses” of the stadium for 20 years. Sixth Street is a San Francisco-based manager of $60 billion in assets, and is the controlling shareholder of Legends, the hospitality and experiences business started by the Dallas Cowboys and New York Yankees in 2008. Legends will apply its experience in the operation of large stadiums and event spaces to Bernabéu. The agreement helps expand the global footprint of Legends, which has grown into a data and analytics-driven service for optimizing efforts in sports, attractions, conventions and entertainment. The company is also heavily involved in the development of the new facility for the NFL’s Buffalo Bills.
Real Madrid is one of Europe’s most popular and successful clubs. It was to be part of the aborted Super League proposed last year, and will play for a potential 14th European club title May 28 in the UEFA Champions League final. The club’s home field has become a tourist attraction, a status the new deal likely will capitalize on.
“This alliance with Sixth Street and Legends, world leaders in their respective disciplines, will be fundamental in providing unique experiences in a stadium where multiple events can be hosted throughout the year,” Florentino Perez, Real Madrid president, said in the press release. “This agreement strengthens the club’s goal of continuing to significantly increase the stadium’s revenues from both sporting and other types of events.”