On 16 October 2013, Pérez announced that Real Madrid was seeking to sell the naming rights for its stadium and looking for a sponsor for the €400 million renovation project. The proposed design of the stadium renovation, produced by German architects GMP, was unveiled on 31 January 2014. The bold design includes a retractable roof, with the overall cost of around €400 million likely to be met half via the sale of naming rights and half via a bond issue to Real members according to Spanish media reports. Pérez said, "We want to make the Santiago Bernabéu the best stadium in the world." Real Madrid then announced a sponsorship agreement with IPIC to assist the club in the redevelopment of the stadium. Pérez then said that in compliance to the agreement the name of the stadium would be renamed "IPIC Bernabeu" or "CEPSA Bernabeu". The surface has been replaced with Mixto hybrid grass manufactured in Italy.