Real Madrid is set to redesign the Bernabeu stadium in a bid to boost revenue from matchdays and naming rights.
German architect GMP, are set to undertake the project which would add a silver shell to the existing structure, which was completed in the 1950s and reworked for the 1982 World Cup.
The design incorporates a shopping centre and luxury hotel, additional VIP facilities and a giant 360-degree video screen just below a retractable roof that can be opened and closed in 15 minutes.
Volkwin Marg, owner of GMP, said: “[We aim to] transform the Santiago Bernabéu into the most advanced and developed stadium of the 21st century. This building is undoubtedly the most important project of our careers.”
GMP worked with Spanish practices L35 Arquitectos and Ribas & Ribas on the winning design which will seat 90,000 spectators. The company beat designs from Foster+Partners, Herzog & de Meuron and Populous to win the contract.
Real president Florentino Perez said the project carried an estimated price of $543m.
It is believed work will begin at the end of this season with a completion date sometime in 2017.
“We want it to be the world’s best stadium, with the highest possible level of comfort, and an icon of progressive architecture,” Perez said at the presentation.
“The best stadium, on a unique site, which will be a global symbol. A special, unique and spectacular arena.
“It’s time to face another challenge, we want to make the Santiago Bernabéu the best stadium in the world.
“Our commitment is to continue increasing the heritage of our club, thus [gaining] in economic strength, so we can continue to lead in an environment of increasing competition.
“We believe in a project that will enhance our image, brand and city – that we also feel proud of.”
Real’s rivals Barcelona recently also announced plans to remodel the Nou Camp stadium, which is Europe’s largest and was also opened in the 1950s.