Real negotiating naming rights for Bernabeu: Perez

Madrid: Real Madrid president Florentino Perez admitted on Sunday that the club are in negotiations with 10 companies for the naming rights of their Santiago Bernabeu stadium.

The European champions are looking for a sponsor to cover the cost of a planned 400 million euro ($513 million, £315 million) redevelopment of the stadium.

"We are looking for a sponsor," Perez said as Real`s accounts for last season were approved by the club`s members.

"At the moment we are negotiating with 10 companies to see if one is capable of uniting their name with that of the Bernabeu for this great stadium."

Madrid sports daily Marca reported on Sunday that Real are on the verge of sealing a deal with Abu Dhabi government-owned investment company IPIC for a 20-year deal worth between 450 and 500 million euros.