SoccerNews.com

Atletico Madrid will move to the bigger capacity La Peineta stadium during the 2012-13 season under an agreement signed Friday between the club and the Spanish capital.

The stadium, a centrepiece of Madrid's bid for the 2016 Olympics, will be upgraded and expanded to a 73,000-seat venue over three years under the deal reached by Madrid mayor Alberto Ruiz-Gallardon and Atletico president Enrique Cerezo. The construction work will begin in six months.

“This is a historic day for the club,” said Cerezo.

Atletico's current home, the 55,000-seat Vicente Calderon, is set to be torn down after the move to be turned into a riverside park.

The club lies in sixth place in the Spanish league with 24 points, 11 fewer than leaders Barcelona.

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