Real Madrid are €590m in debt so how do they get round Uefa finance rules?

The latest Deloitte Money League report calculated they had become the first to break the €500m annual revenue barrier, with their total of €512.6m an increase of 11% on last year. The Spanish TV rights model, with Real Madrid and Barcelona keeping the lion's share, in contrast to the more equitable division in England, and a concerted drive to exploit the brand abroad helped.

Since those figures were compiled, Real have signed a new, 30% more lucrative shirt sponsorship deal and started work on a stadium redevelopment scheme. As far as the FFP calculations are concerned, total transfer outlay is less important than you might think. Transfer fees can be amortised over the length of a player's contract, making wages the more important factor and perhaps explaining Real's keenness to move players on as well as bring them in. Gonzalo Higuain has gone to Napoli for £32m and various names have been mooted as potential part-exchange makeweights for Tottenham's Bale.

Real are well known for being keen to pay their transfer fees in instalments – hence why Tottenham are still owed money for Luka Modric and while Real's debt is often quoted as €590m and they remain under investigation by the European Commission over a land deal with the city council, that figure measures their entire liabilities.

Under the accounting measures employed by English clubs, the blogger Swiss Ramble worked out last year the figure would be €146m – less than Arsenal or Manchester United.

http://www.theguardian.com/football/2013/aug/03/real-madrid-uefa-financial-fair-play