Real Madrid had spent 893 million euros last June 30 on the reform of the Santiago Bernabeu, according to the accounts for the 2022/23 financial year formulated this Monday by the club’s board of directors. To carry out these construction works, the institution chaired by Florentino Perez has already disposed of the two credits that it had granted. In September 2018, the general assembly of partners approved a debt of 575 million for a project budgeted at 525, and in November 2021 it approved a new 225 million policy, an item that was explained would go to the sophisticated underground greenhouse that will keep the grass when other events are held. According to the accounts disclosed this Monday, Madrid has already spent those 800 million of the two credits, whose first annual installment, of 34 million, must be paid on July 30.
In the numbers formulated by the board of directors, which will be submitted to the members for consideration after the summer, the club announces that it closed the last financial year with a profit after taxes of 12 million euros. They closed the previous year with a profit of 13 million. In the official statement, Madrid stresses that “the club closes in profit all the years of the 4-year period that covers the years 2018/19 to 2022/23, which have been affected by covid-19 and, in the specific case of the club, for carrying out the stadium remodeling works”.
They point in their explanations to cost adjustments, in addition to the increase in income, which added last year, without counting transfers, 843 million euros, 17% more than in the previous year (121 million more), above the pre-pandemic level for the first time, which stood at 757 million in the 2018/19 season. Madrid explains that it has experienced growth in all business lines, except sports, since in 2022 they won the Champions League and this year they lost in the semifinals against Manchester City. The greatest increase has been registered in the marketing area and in the stadium, two items greatly affected by the capacity restrictions derived from the pandemic.
In the announcement of the formulation of the accounts, the club announces that by the end of this year they will have completed “the essential part” of the stadium works, which will allow them “for the investment to begin to be operational from January 1, 2024″. From that moment on, income will begin to increase due to the increase in capacity and VIP boxes, as well as other commercial aspects of the venue, such as the tour, the bars and restaurants and the holding of events, such as the Taylor Swift concert, the first announced for after the renovation, on May 30. Tickets sold out in just three hours.
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Source: EL PAIS
