Real Madrid scraps plans for soccer resort
REAL Madrid has cancelled a soccer-themed resort planned for the United Arab Emirates after the project's organiser defaulted on payments.
The club said last year that it was lending its name to a resort that includes a 10,000-seat stadium, a marina, homes, a shopping mall, a football training academy and a five-star hotel.
The development was set to be completed by 2015 on the 99-acre artificial Marjan Island in the UAE.
The 22-year licensing deal with Luxembourg organisers RAK Marjan Island Football has now been scrapped, after RAK defaulted on payments and "didn't provide guarantees", according to Real.
The soccer club added that it had not assumed any financial risks for the project and said it would continue looking for projects in the UAE.