Capital and an operator come together around income that did not yet exist.
What happened
Real Madrid agreed a 20-year partnership with Sixth Street and Legends to develop and run new businesses at the redeveloped Bernabéu. The club said it would receive about €360m, to invest across its activities.
How it was structured
Reports describe a split of about 70% to the club and 30% to Sixth Street. Sixth Street is also the majority owner of Legends, so the deal brought an operator as well as capital.
Our review
The club kept its stadium and its football income and shared only income that did not yet exist. That is a useful model for financing non-matchday revenue, but it depends entirely on the venue delivering new events.
Sources
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.