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.
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