Real Madrid are set to rename their iconic stadium the ‘Abu Dhabi Bernabeu’ as part of a sponsorship deal with the International Petroleum Investment Company (IPIC), according to reports.

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The Spanish giants have agreed a sponsorship deal worth €500 million (Dh2bn) with the Abu Dhabi-based organisation in October, and part of the agreement gives IPIC the opportunity to rebrand the stadium, which will undergo a renovation partly-funded by the partnership.

Spanish daily AS reports the stadium will be called the ‘Abu Dhabi Bernabeu’ after IPIC was rejected as a name.

Although Madrid president Florentino Perez has not publicly confirmed the re-naming, he has made the admission off the record on a number of occasions and the news should be made official in the coming months.