Madrid does not give explanations. The group chaired by Florentino Pérez has not justified up to 122 million euros of expenses corresponding to the financial year 2022according to The Telegraph. The amount represents 20% of the total costs of the exercise.
“Madrid has refused to answer specific questions about the nature of those 135 million (with the exception of a game of 13.6 million euros destined for LaLiga and that the twenty clubs are obliged to pay) in payments made through their subcategory “other operating expenses” in the club’s financial results for the year ending June 30, 2022″, states the English newspaper.
These expenses could be reimbursed for a deal to sell future marketing revenue to the Providence private equity group.. The first agreement between the parties materialized in the 2017-2018 season, when the white club received cash in exchange for the sale of future income streams.
“Sums obtained from the sale of an unspecified percentage of future sponsorship income, which according to the club was renewed in 2019-2020, were recorded in Real’s accounts as income instead of debt. The club has never explained in detail how that commitment is returned to Providence or how much is paid each year, ”adds the British newspaper.
Real Madrid CF signed its first deal with Providence in 2017-2018, for which it received cash in exchange for the sale of future revenue streams
The club has allocated more and more expenses to the heading “other operating expenses”. In 2017, Real Madrid CF allocated 17 million euros to this item, while in 2018 it increased to 46 million euros “and it has been increasing year after year,” the newspaper notes.
The club announced this week that has entered 180 million euros in subscriptions for the 2023-2024 season. The amount reached represents 23% of the total budget, which rises to 750 million euros for the 2023-2024 season.
In addition, the Madrid entity, through Real Madrid Estadio SL, is diversifying its operations, after taking over the new car parks near the Bernabéu for €561 million. The company will build two parking areas of around 20,000 meters in total.
The club is immersed in the remodeling of the Santiago Bernabéu stadiumestimating the completion of the works for the second half of 2023. For the financing of the works, the Real Madrid board of directors approved on April 12, 2019 the closing of the financing of the remodeling project for a total amount of 575 million euros with a term of thirty years and a fixed interest rate of 2.5%.
2023-07-13 08:28:35
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