REAL Madrid have been accused of misleading their supporters over the club’s debt levels and operating an inefficient business by a group representing the Spanish team’s members.
The Asociacion por los Valores del Madridismo (Association for Madrid Values) says the club’s total debt is €541m (£457m), not the €91m (£77m) reported by Real president Florentino Perez last month.
Domestic rivals Barcelona this week announced their debts stood at €331m (£279m), while Premier League champions Manchester United’s total £389m.
Real spent heavily during the summer transfer window, including the world record £85.3m purchase of Wales winger Gareth Bale from Tottenham, a figure dubbed “scandalous” by the members’ group’s president Carlos Mendoza.
He also questioned the club’s consideration of plans to redevelop their Santiago Bernabeu stadium, a move that would likely require further borrowing.
Real boast the highest revenue of any club in the world, in football or any other sport.
For 2012-13 it was a record €521m (£439m). That figure was only a 1.3 per cent increase on the previous year but did help generate profits after tax of €37m (£31m), an increase of 52.4 per cent.