Proof that Real Madrid also has weaknesses

BarcelonaThe figures for the 2024-2025 financial year presented by Real Madrid shine, at first glance, like a freshly cleaned ceramic hob. The club, chaired by Florentino Pérez, closed the year with €1.185 billion in revenue, €24 million in profit, and a net worth of €598 million. Barça, on the other hand, closed the year with 994 million in revenue.17 million in losses and a negative net worth of 153 million. But, if you scratch the surface of Real Madrid's finances, you can find traces of dried-up oil, as is the case with Barcelona's.

One of the symptoms is that Real Madrid is moving towards taking another step towards ceasing to be a non-profit sports association at the assembly to be held on November 23. Specifically, it is considering selling between 5% and 10% of its capital to an investor, as previously reported. The CountryFlorentino Pérez's intention is to convince an investor that Real Madrid's total value is €10 billion. Therefore, if the investor were to acquire 10%, it would represent an investment of €1 billion. The remaining 90% would be divided into shares of equal value among the approximately 100,000 Real Madrid members, who could only sell their shares to another member who didn't own any, ensuring that no one owned more than one share.

But why does Real Madrid need this money if its financial situation seems solid? "It's not a question of money," David Álvarez, the journalist from ARA, told the newspaper.The Country who signs this news report—Florentino wants to distribute the club's assets among its members while maintaining the current governance structure. ARA also asked Antón Meana, a journalist with Cadena SER specializing in Real Madrid news, about the reasons for this decision: "Florentino always argues that Real Madrid needs tools that don't depend on unforeseen management issues to continue competing with English and Arab-owned clubs. Even if you're in a good financial position, there's always the risk of those tools being shut down. He was thinking of a model like Bayern Munich's, where 49% of Real Madrid would be owned by external investors, not just 10%, as he seems to be proposing to the members. He wants to maintain the ability to sign the best players." For now, Florentino hasn't called the traditional information sessions with members prior to the assembly. He intends to provide all the information on November 23.

Photos are more blurry than they appear

Other positive figures for the economy meringue These are costs associated with the playing squad, representing only 43% of the club's revenue, with an EBITDA of €243 million and net debt of €12 million as of June 30, 2025 (according to La Liga's criteria). In contrast, Barcelona's playing squad costs represent 54% of total revenue, their EBITDA is €191 million, and their net debt rises to €469 million (according to La Liga's criteria). However, like Barcelona, Real Madrid excludes the financing of its stadium renovation from this debt figure. The true financial health, therefore, is more precarious. As of June 30, 2025, Real Madrid has spent €1.347 billion on the Santiago Bernabéu renovation and still has €1.132 billion remaining on the loan principal. The cost is more than double the initial estimate. In 2019, Florentino Pérez signed a €575 million loan structured by Key Capital Partners and legally advised by Clifford Chance, with participation from JP Morgan, Bank of America Merrill Lynch, Banco Santander, and CaixaBank. In 2021, he requested another €225 million, and in 2023, an additional €370 million. Thus, the total financing amounts to €1.17 billion. Real Madrid began repaying the principal of the loan in the 2023-2024 financial year and will settle it in 2053 at an average interest rate of 3.2%.

The financing for Espai Barça, meanwhile, amounts to €1.45 billion and is being channeled through Goldman Sachs with the participation of some twenty investors. As of June 30, 2025, Barça has already spent €974.9 million on Espai Barça, even though it still needs to finish the third tier of Camp Nou, install the roof, and have the final design for the Palau Blaugrana and its adjacent buildings before construction can begin. Barça will not have to begin repaying the loan principal until 2033 and will finish paying it off in 2050. The 40% refinancing that Laporta secured last June was closed with an average interest rate of 5.19%. In the initial financing, some bonds exceeded 7%.

The unforeseen problems of Real Madrid that Barça could also face

Both Real Madrid and Barcelona plan to repay their two loans with the extra money generated by the renovated Santiago Bernabéu and Camp Nou stadiums. However, as is being seen in Real Madrid's case, they are not immune to significant unforeseen setbacks. Before the residents near the Bernabéu stadium managed to legally halt the concerts, the club had increased its revenue from this source from €400,000 to €12.7 million in just six months. Therefore, tens of millions of euros that Florentino Pérez expected to receive each year will not materialize for the time being. Furthermore, It has also lost the concession to operate two parking lots near the Santiago Bernabéu stadium.which were projected to bring the club eight million euros in annual revenue for the next 40 years. But Real Madrid is taking steps to overcome these significant financial obstacles. This Sunday, the Santiago Bernabéu will host an NFL game between the Miami Dolphins and the Washington Commanders. The stadium rental alone will generate 10 million euros, in addition to the percentages it will take from ticket sales, the club shop, and other game-day revenue.