MADRID — Real Madrid presented its redesign of the Santiago Bernabeu Stadium on Friday, a reported €400 million ($540 million) renovation it expects will transform its home stadium into a world icon.

German company GMT Architects, which has also designed the Arena Amazonia World Cup stadium in Manaus, Brazil, will lead the redesign which will see the stadium receive a new exterior with a hotel and shopping center added.

Madrid, which has debts of over €500 million euros ($675 million), plans to finance the project by selling naming rights to the stadium and through a bond issue among Madrid members.

President Florentino Perez says “we want the new stadium to be a world icon.”

The Bernabeu, which was inaugurated in 1947, was last reworked for the 1982 World Cup.

See photos of the proposed redesign of the Santiago Bernabeu Stadium below.

Santiago Bernabeu renovation 1

Santiago Bernabeu renovation 4

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Photos via Facebook/Real Madrid C.F.