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The big football clubs have also been seriously affected by the coronavirus crisis, and like many other companies have turned to banks to apply for a loan. The Real Madrid and the FC Barcelona They have opted for an ICO credit, which is guaranteed by the State itself, to request 200 million with which to continue paying their footballers.
According to El Confidencial, the two major players in the Spanish LaLiga have obtained a new line from the Official Credit Institute through five entities BBVA, CaixaBank, Bankia, Santander and Sabadell, to keep its economy afloat and to be able to pay the more than 1,000 million that are spent on salaries.
In both cases, the big difference with respect to the credits that they already had is that, being an ICO, the State will assume 80% of the debt in the event of default.
Real Madrid already had another credit
The real Madrid has asked for 100 million, of which half have been granted by CaixaBank (of which it is already partner since 2017) and the rest between BBVA, Santander and Bankia. With the first entity, this new request makes their relationship extend de facto beyond this 2020 when their contract ended.
The club chaired by Florentino Pérez had already signed another loan of 575 million for the works of the Santiago Bernabéu, to be paid from 2022, to which must be added 594 million in wages (almost 300 in the soccer squad, and the rest in those of basketball and managers). According to the accounts presented by the white club, in the previous year they had a positive balance of 156 million, something unpublished for 27 years.
Barça get more time and money
Barça’s case is slightly different. In your case, they have managed to expand their credits already signed in 120 million with the same entities than Real Madrid, plus Banco Sabadell. In their case, they have also achieved relax conditions, with terms of these lines in up to three years (currently it is one) and about 10% of the amounts requested.
Barça has an expense in wages of 671 million euros Among all its sections, and as in the case of Real Madrid, it takes most of the men’s soccer section.
The good financial health of both clubs has allowed such a grant of credit, since at the not be Public Limited Companies (together with Athletic de Bilbao and Osasuna), in the event of red numbers, it would be the directives themselves who would first assume the debts of their own pocket and, if it is not enough, the State would already enter.