Real Madrid has signed a $381 million deal with investment group, Sixth Street and entertainment experiences company, Legends to host concerts and other events at the La Liga club’s 81,000-seat stadium.
The capital will allow Real Madrid to create additional streams of revenue as it works to alleviate financial losses caused by the pandemic.
In 2020, Real Madrid saw its income fall by 8% compared to the previous year, but the club remains the second-most-valuable soccer team in the world at $4.75 billion, just behind La Liga rival FC Barcelona at $4.76 billion.
A new company will manage the stadium and proceeds from its events.
The proceeds will be split 70% for Real Madrid and 30% for Sixth Street.
The deal will run for 20 years.
A deal between the three entities comes as no surprise. Legends has led Real Madrid’s retail strategy since 2020, and a year later Sixth Street acquired a majority stake in Legends, valuing the company at $1.35 billion.
In January, Legends and Real Madrid agreed to a 25-year pact to host non-sports events at Santiago Bernabéu stadium, the club’s home field since 1947.