Real Madrid: Bernabeu redevelopment could cost 400 million euros

Los Blancos president Florentino Perez has revealed the huge financial costs needed to redevelop the club's stadium and has refuted claims made by Barcelona's Gerard Pique.

Real Madrid is prepared to splash out up to 400 million euros in an attempt to renovate Estadio Santiago Bernabeu into the world's finest football venue.

The Bernabeu has undergone substantial changes during its history, and progress appears to be on the horizon, with the Blancos president Florentino Perez set to announce which firm has been awarded the contract to upgrade the stadium.

"The redevelopment will cost between 300-400 million euros," Perez said. "The winning project will be awarded in the next few weeks."

Perez showcased four plans for the redevelopment of the iconic venue last October, with the Liga giant eager to enhance its matchday revenue streams. Perez is reportedly keen to make extensive changes to the exterior of the stadium and ensure that every seat in the house is covered by a roof.

Meanwhile, Perez was also eager to dismiss suggestions that Bankia, the fourth largest bank in Spain, had helped finance the club's world-record move for Gareth Bale. Barcelona defender Gerard Pique had intimated that the Spanish bank had provided credit to help Real secure the signing of the Wales international.

However, Perez refutes the claims, insisting: "It is not true what Pique said."