Follow usSpanish soccer team Real Madrid have lost a $440 million court battle with Abu Dhabi sovereign investor Mubadala (MUDEV.UL) over the proposed sponsorship of its stadium in Madrid, Reuters reports.
Real Madrid had claimed 400 million euros ($440 million) from Mubadala because it said the Abu Dhabi sovereign investor failed to honor a sponsorship deal under which it would acquire rights over the name of Santiago Bernabeu stadium for 20 years.
In 2014, Real agreed a strategic partnership with Abu Dhabi fund international Petroleum Investment Co (IPIC), now Mubadala, to help finance a planned stadium overhaul.
The project was meant to add a striking new roof and exterior to the current structure and include a hotel and a shopping center, to help the world’s richest club by income boost its revenue.
Real to restart deal discussions with Vinicius Jr after Xabi’s exit 
Albacete shock Real Madrid and eliminate them from Copa del Rey 
Klopp would consider becoming Real Madrid’s head coach 
