Now not even two years have handed because the re-election, in January 2025, of Florentino Perez because the president of Actual Madrid and early elections have simply been referred to as. Whoever is within the presidency from June (Perez himself or some hypothetical successor) will inherit the expenses and the problem of constructing the brand new Santiago Bernabeu stadium winning: some of the largest infrastructure investments within the historical past of Ecu soccer.
When the president of Madrid started his 2d time period, on June 1, 2009, the membership ended the 2008-09 season with 377 million euros in earnings. 16 seasons later, the audited annual accounts from June 30, 2025 display revenues of €1.159 million. For those years, the membership has multiplied financially via 3.
3 times larger
The figures display the profound industry transformation of Actual Madrid between 2009 and 2025. To grasp the measurement of the exchange, it’s value evaluating its primary financial figures on each dates:
Earnings: the sum of peculiar source of revenue (subscriptions, field workplace, tv, sponsorships, vending and contests).
General property: the e book price of the whole lot you personal (stadium, amenities, participant rights, treasury).
Internet value (or collected wealth): the adaptation between what you will have and what you owe.
Actual Madrid Consolidated Annual Accounts Comparability (2009-2025). Personal elaboration in accordance with monetary information from Actual Madrid CF
All the way through those years, the expansion was once noticeable and proportional: property, source of revenue and internet value multiplied via 3. EBITDA or “gross operating profit before interest, depreciation and amortization” (which measures what quantity of money is generated via the membership’s operations) multiplied via 8. Then again, the online outcome slightly larger via 14%. The cause of this imbalance has its identify: the brand new Bernabeu, an funding of one,347 million euros financed largely via a mortgage of one,170 million for 30 years.
Whilst the deal was once ongoing, the membership added hobby to the price of the stadium (what is named capitalization in accounting). From July 2024, when the principle segment ends, this hobby and amortization of the brand new asset is recorded as an expense within the source of revenue observation. This explains why the adverse monetary result’s multiplied via ten (from −4 to −44 million) and that the online benefit does now not replicate all of the operational enhancements accomplished.
The place did the cash come from?
In 2009, source of revenue from tv broadcasting rights was once the membership’s first supply of source of revenue, 38% of overall source of revenue. Against this, in 2025 they represented best 14%. And it isn’t that the source of revenue from tv reduced – from 144 to 162 million euros – however that the remainder of the industry grew a lot more.
Distribution of membership source of revenue in 2009 and 2025. Personal elaboration in accordance with monetary information of Actual Madrid CF
World competitions convey Actual Madrid twelve instances greater than earlier than: from 16 to 190 million, because of the reinforcement of the brand new Champions League, the primary FIFA Membership International Cup and pre-season excursions.
Advertising and marketing – sponsorships, vending, licenses – larger its source of revenue via nearly 5 and is now the membership’s first line of industrial, with 42% of the whole.
Consistent with the Soccer Cash League 2026 document via the Deloitte consultancy, Actual Madrid was once the arena’s highest-grossing soccer membership in 2025 for the 3rd consecutive yr.
Extra environment friendly, however much less winning
UEFA and L. a. Liga’s monetary sustainability laws set a cap on team of workers prices at 70% of earnings. Madrid is definitely underneath that threshold: team of workers prices now constitute 44% (they had been 50% in 2009).
Alternatively, different signs give worse effects. ROE (monetary profitability, which is calculated via dividing the online benefit via the online price and measures how a lot each and every euro invested via the companions brings) is from 11 to 4%.
The reason lies within the renovation of the Santiago Bernabeu and the debt incurred to finance it.
The primary financial and fiscal signs of the membership in 2009 and 2025. Personal elaboration in accordance with monetary information of Actual Madrid CF
Alternatively, in spite of the quadrupling of debt, the monetary debt/EBITDA ratio (which measures what number of years of gross running benefit it could take the membership to repay all its debt) fell from 16 to six. In different phrases, the membership now generates a lot more money for each euro it owes.
What is the topic
Madrid is a membership thrice larger than in 2009. Its earnings type not relies principally on tv, however on international advertising and new world competitions. As well as, its salary potency has advanced and its capability to generate money is 8 instances higher.
The other is internet profitability restricted via the accounting prices of financing the brand new stadium with debt: depreciation and finance prices take in the operational growth. But when the plan succeeds and the Bernabeu turns into a industrial asset (with concert events, occasions just like the NFL or customer reports), the following couple of years must display enhancements in profitability.
The query that continues to be open is whether or not this wager shall be sufficient for Madrid to deal with its wearing and financial management in an increasingly more aggressive Ecu context. Instance: The Premier League doubles LaLiga’s earnings and its large golf equipment are sponsored via world buyers.
