Real Madrid Miss Out On €400m Payday After Losing Court Battle
Real Madrid are certainly not short on cash, but they have missed out on bringing out. Specifically, they have lost out on €400m after losing a court battle with International Petroleum Investment Company (IPIC).
The dispute refers to the previous plans to renovate the Santiago Bernabeu and its surroundings, which dates back to 2014.
Real Madrid agreed a sponsorship deal with IPIC, but the Abu Dhabi-based company pulled out in 2017 when the original project was rejected.
As per MD, Real Madrid took the dispute to court, but the International Trade Court in Paris has ruled in favour of IPIC, meaning that they do not have to pay €400m, which is the amount that Real Madrid would have been due as part of their agreement from the original project.
According to the ruling, Real Madrid also did not request IPIC’s approval to change the scope of the remodelling and the size of the works, and this has resulted in IPIC being sided with.
