Featured image credit: Vienna Reyes on Unsplash
A court has reportedly ruled in favour of Abu Dhabi’s Mubadala Investment Company over a €400m (£348m/$435m) lawsuit filed by Real Madrid in relation to sponsorship of the LaLiga club’s Estadio Santiago Bernabéu.
The club had filed the suit in 2018 after claiming that Mubadala, formerly known as International Petroleum Investment Company (IPIC), failed to honour the terms of a sponsorship deal that would have granted it naming rights to a revamped Bernabéu.
The two parties entered into a strategic agreement back in 2014, with the deal designed to fund redevelopment of the Bernabéu. The deal, worth €400m according to Spanish newspaper El Pais, included annual payments of €4m, which would increase to €20m once the project was completed.
The agreement would have later included sponsorship of the team and naming rights to the Bernabéu if certain urban planning conditions were met. Mubadala eventually withdrew its support for the project in 2017 as revised plans were given the go-ahead. The initial project had been rejected by the Superior Court of Justice of Madrid in February 2015.
Mubadala claimed that the changes to the redevelopment project effectively ended its original agreement with Real Madrid and a court has now ruled in favour of the company.
A source with knowledge of the matter told the Reuters news agency: “The arbitral tribunal constituted under the rules of the Court of International Trade in Paris has ruled in favour of (Mubadala).”
Share this