After signing the agreement with city officials, Atletico President Enrique Cerezo announced that Atletico Madrid will be leaving the Vicente Calderon within the next three years to play at La Peineta.

“It’s a historic day for Atletico Madrid. Leaving Vicente Calderon is sad for us all but we have to get over this to move to a better world and a better stadium,” Cerezo was quoted as saying by Atletico’s Web site on Saturday.

With Atletico reportedly paying a maximum of $261 million plus tax on the work to boost La Peineta’s current capacity from 20,000 to 73,000, the 55,000 capacity Vicente Calderon will be demolished to make way for a riverside park.

“It took time and the process has been slow. In a few years, we made a protocol, an agreement with which all of us who have taken part are really in agreement with and we’re happy. We worked with excitement to achieve something that’s very important not only for Madrid but for our Club, which has a need for change, for athletic, economic and social improvement,” assured Mr. Enrique Cerezo.

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