Madrid’s financial situation has become more demanding with each construction revision. As of June 30, 2025, the outstanding loan debt for the stadium stood at €1.132bn. Inflation, the war in Ukraine, the retractable pitch (€225m) and improved acoustic systems for concerts have all contributed to the ballooning cost, which now totals €1.347bn. Despite the immense commercial potential of the modernised Bernabeu, the short-term strain is massive.
This new model also mirrors, in a more controlled way, the “levers” used by Barcelona to avoid bankruptcy. Barca created entities such as Barca Studios, Barca Licensing Merchandising, and the Barca Innovation Hub. Perez will follow a similar path but with stronger safeguards, any shares created in the new company will be distributed automatically and free of charge to existing club members, functioning more as membership rights than tradeable financial instruments.
Crucially, the commercial company created under this model is expected to stay fully majority-owned by Real Madrid, ensuring that members remain the ultimate decision-makers.
Reports earlier also indicate that the club is also studying a partial demerger between its sporting and commercial operations, an approach that could serve as a precursor to a more structured hybrid governance model. Investors would hold minority stakes in the commercial arm, but the sporting entity would remain untouched, safeguarding the philosophy Perez has championed for over two decades.
This structure is intended not only to raise capital but also to protect Real Madrid from political, legal, or market-driven vulnerabilities in the future.