'Digital stadium of the future': Real Madrid announce $585mn revamp of iconic Bernabeu (VIDEO)

Spanish giants Real Madrid have announced ambitious plans to revamp their world-famous stadium, the Santiago Bernabeu, promising to make the iconic arena the "digital stadium of the future", with plans to begin after this season.

The plans were unveiled on Tuesday by club president Florentino Perez, and will see the La Liga team planning a huge $585 million face-lift to the iconic stadium. The work is envisaged to be completed by 2023 and is expected to bring the stadium into the 21st century, though it will not increase its current seating capacity of 81,000.

The club's members approved an ambitious budget for the development that will put the club into debt of in excess of $640 million for a period of 30 to 35 years in order to finance the stadium upgrades.

"We want this to be a great digital stadium of the future, and it will be paid for by the income its renovation will provide," said Perez.

"And it will make Real Madrid more competitive at a time when the footballing landscape is becoming ever less certain."

© Reuters / Sergio Perez

The open-air stadium will receive a considerable upgrade in the form of a retractable roof and a titanium outer shell. Inside the stadium itself, a 360-degree scoreboard will also be added to the arena.

Outlets will be added to the stadium complex, including an expanded mega store and museum, with the addition of bars and restaurants to cater for the stadium's huge fan base both during match days and between matches, as the club seeks to increase revenue.

© Reuters / Reuters staff

© Reuters / Paul Hanna

Perez confirmed that financing details would be released next week and that work on the stadium renovations will get underway at the end of the current season.

The club's plans to improve their stadium look set to run in tandem with their plans to improve their team, with new boss Zinedine Zidane expected to be handed a colossal $550 million transfer kitty to lure the world's best players to the Bernabeu, starting this summer.

Elsewhere, Real's La Liga rivals Barcelona have ambitious plans of their own to rejuvenate their 99,000 Nou Camp stadium, in a development that will increase the arena's capacity to 105,000 in time for the 2023/24 season.