Atletico Madrid have reached agreement to buy La Peineta Stadium
from city authorities for 30 million euros, Madrid Town Hall
announced on Monday.
The Spanish giants will move from the Vicente Calderon, their
home for 50 years, to the new stadium to be renamed Wanda
Metropolitano after their sponsors Chinese property company
Dalian Wanda Group.
Wanda have had ties with Atletico since January 2015 when it
acquired 20 percent of the club.
"The payment will be made in three annual installments, for a
total of 30,422,520 euros, with interest," a spokesman for Madrid
Town Hall said.
"In addition the club will take over the access work, for a total
of 29.875 million euros and the construction of 4,000 public
La Peineta -- also known as the Madrid Olympic Stadium -- was
originally built to host athletics, and was renovated with a view
to Madrid's failed bids to host the Olympic Games in 2012 and
Built in 1904 its capacity will be increased from 20,000 to
The new ground's name is also a reference to the club's first
real stadium, the Metropolitano, where they played their first La
Liga games before moving to the Vicente Calderon in the south of
the city in 1966.
The Vicente Calderon, which hosts the Copa del Rey final on May
27, will be destroyed after the La Liga side have vacated the
premises at the end of the season.