Madrid court halts Bernabeu development plan

Image
IANS Madrid
Last Updated : Aug 02 2014 | 3:32 PM IST

The Supreme Court in the Community of Madrid has decided to temporarily suspend plans for the remodelling of Real Madrid's Santiago Bernabeu Stadium.

The proposed remodelling of the Bernabeu includes the construction of a shopping centre and a roof for the ground, but environmental group Ecologists in Action sought to halt development plans and the Court Friday for the moment accepted the argument, reports Xinhua.

Meanwhile, the judges also took into consideration a European Union investigation into possible illegal state aid for the project as the result of several land exchange agreements which Real Madrid reached with the Madrid Local Authority, which are suspected at being below the true market value.

The EU Commission notified Spain by letter Dec 18, 2013, that it would open an investigation over possible help by the Madrid Local Authority to "resolve a judicial question pending which refers to a permutation of immovable property."

The Supreme Court commented that while it does not at this moment correspond to them whether or not the project constitutes illegal state aid, it believes there are "indicatory elements sufficient to determine a direct connection between the EU investigation and the object of the current (Ecologists in Action) case."

The Local Authority approved a new Urban Development Plan to allow the 400 million euro project to go ahead and has said they will appeal against the decision, while Real Madrid have 10 days to decide if they too will launch an appeal.

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 02 2014 | 3:10 PM IST

Next Story