Real reported a total revenue of €713.8 million (£607 million) for that financial year in question. In the most recent Deloitte Money League, the industry-standard index that ranks clubs by their revenue, Real were second in Europe only to Manchester City. They borrowed between €72 million (£61 million) and €82 million (£69 million) in each of the three years but since the deal with Providence those short-term loans have no longer been necessary. The Telegraph has analysed comparable European rivals of Real and none have such large undefined payments in their financial results in any similar additional expenses category.īefore the club’s financing deal was agreed with Providence, Real was obliged to borrow in the short-term to meet salary costs in the 2014-2015, 17 seasons.
The deal with Providence was originally described by Real as a “participation account” and then in its most recent results as an “unincorporated joint venture agreement”. The Spanish tax authorities regard this kind of payment to any entity for a share of future income as a financing deal which means it is treated, for tax purposes, as debt. Especially in an era when others, such as nation-state owned clubs such as Manchester City, are coming under intense scrutiny as to the validity or otherwise of their commercial income. However, there are serious questions as to whether clubs should be permitted to book the sale of future revenues as marketing income rather than debt. It means that the up-front cash is not regarded as a loan under financial fair play considerations and contributes to establishing a higher headline revenue figure – critical in the calculation of salary caps. There are major advantages in such a deal structure, even if money simply comes in from up-front cash payments to cover budget shortfalls and then goes out of the club in repayments to the same third party. There is no suggestion that the deal with Providence is illegal, although there are questions over whether it is compliant with Uefa financial controls.
The club has never explained in detail how that commitment is paid back to Providence or how much is paid every year. The sums earned from the sale of an unspecified percentage of future sponsorship revenue, which the club said was renewed in 2019-2020, were booked in Real’s accounts as revenue rather than debt. The first of these deals, signed with the private equity group Providence in the 2017-2018 financial year, gave the club cash in return for the sale of future income streams and since then the deal has been extended in terms of length and value. The club has refused to respond to questions on the issue – including the specific allegation that the expenses are indeed, in whole or in part, repayments on a deal with a US financier for the sale of future marketing income. Includes: blaster, bolt, 7-round magazine, 7 rounds, and instructions.Real Madrid have declined to explain why 20 per cent of its costs are unaccounted for in the club’s most recent financial results, posing questions about compliance with financial control regulations.Ī Telegraph Sport investigation into the most successful club in European football has revealed that around €135 million in payments was directed into a sub-category of “other operating expenses” in the latest results, published in October, of which €122 million (£103 million) is unexplained.Experience the intensity of Nerf Rival battles with the Helios XVIII-700 blaster! The bolt is removable so battlers can place it on either side of the blaster to customize for right-handed or left-handed battlers.
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