Sunday, April 7, 2013

European Commission under fire over €22m Real Madrid illegal state aid deal

Pressure grew yesterday on the European Commission to reach a decision on their investigation over whether Real Madrid received illegal state aid in a land deal that will let them significantly improve the Bernabeu stadium's profitability.

The EC competition office confirmed The Independent's report that the Spanish club is subject to an investigation into a property deal with Madrid city council in which a piece of land acquired by the club for €421,000 was subsequently sold back to the council for €22.7m.

Instead of the payment, Real received land around the Bernabeu on which they plan to build a hotel and shopping mall complex as well as putting a roof on the stadium with lucrative naming rights.