The club has also announced plans for modernising its Santiago Bernabeu stadium and building a theme park in Madrid.
The BBC reports that the club’s president Florentino Perez told its general assembly that the debt figure would be cut by over £180 million by June 2010, thanks to a 14 per cent increase in revenues on last season. The club announced similar debt-cutting plans at last year’s general assembly, but instead the money it owes has ballooned from around £100 million.
Perez reported that the club wage bill represented 45 per cent of its budget for the new year. Real Madrid will be paying increased wages thanks to its summer player signings, four of whom – Xabi Alonso, Kaka, Ronaldo and Karim Benzema – cost £226 million in total.
