Real Madrid unveil new Bernabeu project, reach agreement with Madrid city hall

The club reached an agreement with Madrid's major to rebuild the stadium.

Real Madrid president Florentino Perez and Madrid major Manuela Carmena unveiled their agreement to rebuild the Santiago Bernabeu, a project which was stopped shortly after its initial presentation because of concerns about its sustainability.

"We have found a consensus to resolve the restrictions that the supreme court imposed to improve the stadium. The cost is approximately €400 million. The agreement with IPIC is for this cost. We will keep the name Santiago Bernabeu but its name will also include the sponsor's name," said Florentino Perez.

"We have the good fortune to say that an agreement is in place to modernise the stadium and improve the urban area around it," explained major Manuela Carmena.

Real Madrid will start building this new stadium "as soon as we finalise the paperwork, during 2017. The stadium will have the same capacity as before - some seats will be redistributed throughout the structure," added Perez.

If everything goes well during the rebuild, Real Madrid should be playing at their new Santiago Bernabeu by 2019.