Real Madrid is reported to be selling its upgraded stadium’s projected “non-sporting activities” such as concerts to a US private equity fund for €400m.

In a report from El Confidencial, Real president Florentino Perez plans to sell the rights to activities such as concerts, business trade shows, fashion shows and other events ahead of the completion of the €800m Estadio Santiago Bernabéu revamp.

El Confidencial said it is not known yet whether the €400m from the deal, which has been brokered by Key Capital, will be paid upfront or over a number of years in instalments. The cash will improve the club’s immediate cash flow and puts it in a better position to deploy capital for player acquisition and other new ventures.

The club is targeting significant revenue growth through the revamp as it seeks to make the stadium more versatile and able to host events all year round. It recently unveiled plans for a new pitch removal and storage system that will turn the Santiago Bernabéu stadium into a multi-use arena, able to host concerts and other major sporting events without damaging the football field.

It is thought the extra events could generate up to €100m annually.

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The report on the €400m deal comes just days before members will get to vote on the board’s plan to increase borrowing to pay for extra costs within the redevelopment programme.

An Extraordinary Assembly will be held on November 20 when members will be asked to vote on whether the club can spend more on the stadium project. The extra money will “fund works not included initially in the remodelling”, the club said in a note to members.

The club has access to €575m to fund the Bernabéu project, although just €279m of that has so far been earmarked. It is estimated the enhancements will likely bring the 30-year finance repayment total of €29m up to €35m.

The additional funds will be for technology enhancements under the retractable grass field. A complex ventilation and climate system, LED heat lamps, a controlled watering system, and ultraviolet light treatment are all going to be added to enhance the playing surface.

The club already has an agreement in place with US-based firm, Legends International, which oversee its retail and digital strategy and will launch a new club store as part of the Bernabéu renovations.