Real Madrid’s financial situation remains robust, but they have encountered a setback in their quest to pursue a particular endeavor. Specifically, they have incurred a loss of €400m following an unfavorable court ruling against them in their dispute with the International Petroleum Investment Company (IPIC).
The dispute revolves around the earlier plans to renovate the Santiago Bernabeu stadium and its surrounding areas, which were initially formulated in 2014. Real Madrid had entered into a sponsorship agreement with IPIC, but the Abu Dhabi-based company withdrew its support in 2017 when the original project proposal was rejected.
Real Madrid, seeking redress, took the matter to court, but the International Trade Court in Paris has ruled in favor of IPIC. Consequently, Real Madrid is not entitled to receive the €400m sum that would have been due to them as part of their agreement related to the initial project.
The court’s decision was influenced by the fact that Real Madrid failed to seek IPIC’s approval for modifying the scope of the remodeling plans and the scale of the construction. This breach of protocol has ultimately resulted in the court favoring IPIC’s position in the dispute.
