G3079
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Well, Real massively overshot the estimated cost and almost tripled their initial 525m Euro estimate to a whopping 1.4b, partially due to feature creep, partially due to inflation, and of course due to (totally not intentional) underestimation of cost. Who knows if they would have even gotten the go-ahead with a more realistic cost estimate instead of this piecemeal increase. None of which seems to bother anyone at Real because apparently moneyprinter go brrrrr or whatever creative accounting lets them stay clear of FFP despite taking on all those loans.It’s an initial investment. We’d clearly need a long term loan for a new stadium, like pretty much every other club on the planet that has built a new stadium. How do you think the likes of Real, Bayern etc did it?
Bayern is a different story. First of all, Bayern did not do that alone. Back then TSV Munich was still a bigger and financially more capable club, and was part of the stadium project. Both clubs held a 50% share in the company that owned and built the stadium before TSV had to sell their half to Bayern to cope with their financial issues, so the financial burden and risk was not resting on Bayern's shoulders alone. Location also plays a big role - they've built their new stadium outside the city proper, next to a motorway, meaning cheaper land. The land price was drastically lowered further when the city rededicated the land from industrial estate to special use, lowering the cost from €85m to €14m Euro. Land development and infrastructure were financed with public funding of ~€210m instead of having to spend club money, another big advantage. The build cost for the stadium itself only rang up at €286m, and a total cost including financing etc. of €340m. Good luck trying to build a new stadium of comparable size these days for that much.
Furthermore Bayern was able to service their loans a full 14 years earlier than initially expected when they sold a minority share of the club to Allianz in 2014. In addition to those shares Allianz got the stadium name rights all the way until into the 2040s out of the deal - in retrospect an extremely cheap deal for them, stadium name rights from 2014 until 2041 and 8.33% club shares for €110m is an absolute steal by today's standards. But of course it is also a big advantage for Bayern that they have gotten out of the loan payments so much earlier than what was estimated.
As for Old Trafford... personally, I'd love if the old stadium was revamped, but the question is of partially how much that is even feasible without ending up with a ship of Theseus where you basically had to rebuild everything if what is there just cannot be worked with. In that case it might just end up being more expensive than a new stadium, especially if you include stand closures and secondary use diminishment due to construction work. That will have to be calculated by architects and club accountants. In the end, if it is much cheaper and much more feasible to build a new stadium, then financial prudence should be important than nostalgia.