Real Madrid, the popular football club has reportedly 'scrapped' plans of building a $1 billion worth amusement park and luxury estate on Marjan Island off the coast of Ras al-Khaimah in the U.A.E after RAK Marjan Island Football, the organizer of the project defaulted on payments, according to several news reports.
Real Madrid claims that the licensing agreement was cancelled as the organizer failed to provide any guarantee on the financial feasibility of the project. Apparently, RAK Marjan Island Football assumed all the risk of the project, reports Bloomberg.
Plans of building an elaborate estate were sketched out and widely marketed in a promotional video, early in 2012. Real Madrid decided to lend its name to the ambitious project whose plans included constructing a 10,000-seater stadium, several luxury residential properties, a marina, a yacht club, a Real Madrid museum and a large amusement park. A football training academy and a five star hotel were also planned.
Check out the promotional video below:
The project was set to open its doors to the public by January 2015. However, construction on the elaborate island never really got underway. But, hope still remains for the Real Madrid fans.
According to the Metro, the project has not entirely been scrapped. The amusement park plan still has hopes of being erected. Also, some other sources are reporting that the project will be moved to Abu Dhabi instead of being wiped off completely.
They might also be looking for alternative ideas, reports Businessweek.
If the resort plans fail, this won't be the first time that a sports-themed luxury project fails in the U.A.E. Earlier, a Tiger Woods branded golf and property project plan went down the drain. A Bollywood themed venture was also scrapped, reports HotelierMiddleEast.com.
Real Madrid's net income went up to $50 million for the period ended June 2013. The soccer club posted a 1.3 percent increase in its sales.
Meanwhile on the field, Real Madrid won 4-1 against Getafe CF Sunday, Sep. 22. However, fans of ace player, Gareth Bale were a little disappointed as he failed to make his home debut after suffering from a thigh injury in the pre-match warm up. But there is nothing to worry. It was nothing serious and he will also be undergoing tests Monday to ensure complete safety, reports BBC.