Real Madrid, world’s richest club, has announced its plan of remodeling  their iconic Estadio Santiago Bernabeu. Real President Florentino Perez is seemingly excited about his new project and has said that Madrid want this new stadium to be a “Global Symbol”. The estimated €400m (£328m) revamp will be led by the German architects GMP along with international firm L-35 and Catalan firm Ribas & Ribas following an international tendering process.

The president of Real Madrid stated that: “We want to turn the Santiago Bernabéu into the best stadium in the world and to create a better football experience for the fans. The best stadium in a unique location that will be a global symbol”.

Florentino Pérez said “It is impossible to understand everything that Real Madrid is today without this stadium. The stadium remodel is a strategic drive towards modernity. Building and raising the stadium was a challenge in its day. Santiago Bernabéu paved the way and we became the leader in sports venues. This stadium and the signing of Alfredo Di Stéfano changed the legend of Real Madrid. The new twenty-first century Santiago Bernabéu will continue to be a privileged, emotional place and a source of pride for all our members and fans”.

A new exterior will be built, and from the mock-ups shown on Friday, a retractable roof will also be included in the project which will take three years to complete.

“A little over eight years ago we opened the magnificent Real Madrid City. A few weeks ago we attended an event that will mark our present and future. Real Madrid now has a residence for the first team and academy players. We’ve made significant efforts at Real Madrid City and we’ll continue to improve it in order to have the best and most modern Sports City. We want to stay true to the code of Santiago Bernabéu and our members. It was and is a landmark of our city which attracts millions of visitors from around the world”.

Volkwin Marg, head of the German GMP architectural firm, will lead the project to “transform the Santiago Bernabéu into the most advanced and developed twenty-first century stadium. This building is undoubtedly the most important project of our careers”. He also explained the essence of the new stadium: “We had in mind a Madrid landmark and we’ll continue to defend the club and the values of Real Madrid’s history. It’s a true work of art”.

Reports coming out of Spanish media suggest half the financing for the project would come from selling naming rights and half from a bond issue among Real members.The Bernabeu currently has a capacity of 85,454 but Real are yet to confirm whether this will change after the refurbishments.

The construction work will start at the end of the season.