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Markets


REAL MADRID SET TO BORROW $390 MILLION IN PRIVATE DEBT MARKET

 * Real follows rival Barcelona in tapping private debt this year
 * Private debt investors increasingly keen to finance top clubs

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Europe’s most successful football club is raising the money through a private
debt-issuance.

Photographer: Gonzalo Arroyo Moreno/Getty Images
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By Silas Brown and Rodrigo Orihuela
October 26, 2023 at 5:26 AM HST
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1:47

Real Madrid FC is set to borrow about €370 million ($390 million) from
institutional investors to help finance the renovation of its iconic Santiago
Bernabeu stadium, according to two people familiar with the matter.

Europe’s most successful football club is raising the money through a private
debt-issuance, which will be paid back with funds from ticket revenues in what
is called a waterfall payment structure, said the people, who asked not to be
identified as the discussions are private.

Private debt markets, which offer more privacy than public debt sales and are
less prone to swings in sentiment, have become a useful source of funding for
Europe’s top clubs in recent years.



Madrid’s rival FC Barcelona borrowed €1.5 billion from private debt investors to
finance its own stadium revamp, while Chelsea FC raised £500 million ($604
million) in subordinated debt from US direct-lending giant Ares Management Corp.

A representative for Read Madrid didn’t immediately respond to phone calls and
emails seeking comment.

Real Madrid, which has won Europe’s top club competition a record 14 times, has
raised debt several times since 2019 to pay for its stadium. The works, which
are largely complete, include increasing the seat capacity as well as the
installation of a removable pitch that will allow the club to shift the grass
surface into storage while it hosts other revenue-generating events, such as
concerts or tennis matches.

Because Real Madrid is owned by the club’s members, the borrowing must be
approved by them in a general assembly. The club may decide the date of such a
meeting as soon as later today.

READ MORE:
 * Real Madrid Gets $380 Million Investment From Sixth StreetBloomberg Terminal
 * Top Spanish Soccer Clubs Look to Compete With CVC’s LaLiga Deal Bloomberg
   Terminal
 * Real Madrid Plans to Raise More Debt to Finance Stadium RevampBloomberg
   Terminal


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