The bar is up! Every article: The Bernabeu renovation project is very costly, and Real Madrid has adopted leverage measures to finance

November 19 According to the "Daily Sports" report, in order to cope with the huge financial pressure of stadium renovation, Real Madrid has launched a "leverage measure", that is, selling 20% ​​of the proceeds of the Bernabeu Stadium in the next 20 years to Sixth Street and Legends companies in exchange for 360 million euros. This transaction does not change the club's ownership of the stadium.

On November 24 last year, Florentino announced to the members of Real Madrid: "Our club needs an organizational structure that can protect us as an institution and owner. To this end, I confirm that a proposal to reorganize the club's legal structure will be presented at this conference to ensure our future and protect our future." "Protect us from threats and ensure that members become real owners of the club and its economic assets." Despite the various possible models revealed by the media in the past few months, Florentino is faced with the unchangeable fact that he can either transform Real Madrid into a sports company SAD or maintain the status quo. The "German model" or "Bayern model", although in line with Florentino's preferences, conflicts with Spanish law.

In order to raise funds, Florentino needs to bring in investors. Due to the huge cost of renovations at the Bernabeu Stadium, the club had to find new sources of investment. It is reported that the stadium renovation has cost nearly 1.5 billion euros, forcing the club to apply for multiple loans. In 2021, Real Madrid created a commercial company called "Real Madrid Stadium SL" to be responsible for managing various matters related to the Bernabeu Stadium. For example, the company also owns "Parking Bernabeu SL", which builds parking lots. However, the tender for the parking lot project has been withdrawn twice by the judiciary.

According to sources within the club, Florentino plans to attract investors by creating a subsidiary, and these investors are expected to inject funds equivalent to 10% of the club's value. This will allow the club to maintain its existing character and structure while retaining its traditional governing body. According to the provisions of Spain's Sports Law, clubs can engage in commercial activities or create subsidiaries as long as the income is used for sports purposes and no profits are distributed. Therefore, the club will not directly sell 10% of the shares, but will make a limited investment through this newly formed subsidiary to avoid losing the membership-based ownership structure and having to convert to SAD.

This model is similar to one that Barcelona has explored in recent years to avoid bankruptcy. Barça owns several commercial companies, such as Barça Innovation Hub SL, Barça Produccions SL (better known as Barça Studios) and Barça Licensing Merchandising SL.

The cost of renovation of the Bernabeu Stadium is far higher than expected. According to the latest data, total investment reached 1.347 billion euros by June 30, 2025. In 2019, the initial budget was 575 million euros, but due to additional loan requirements (e.g. 225 million euros for retractable lawns, 370 million euros to combat inflation, etc.), the total debt has reached 1.132 billion euros. Additionally, there was some unfinished work, particularly to improve the acoustics for concerts, which further increased the final cost.