University of Barcelona Professor of Economy, Finance & Accounting Gay de Liébana addressed the finances of Real Madrid, according to Marco Ruiz of AS. De Liébana said, "Real Madrid members first have to be concerned with how much the entity itself earns. Madrid has a great volume of revenue, but this also means a significant burden on expenses. ... We are not fooled. With all respect, it is a euphemism to say that we are talking about anything other than a debt of €602 million ($767M)." Regarding the fact that Real Madrid President Florentino Perez said the club's debt is "less than that," de Liébana said, "He sees this from the concept of financial debt, which is what you owe, discounting what you are owed. But of course, debt is what has to be paid, and Madrid has to pay €602 million. For any economist, the gross debt is €602 million. The club's debt is increasing due to the investments that have been made. It is seen game by game. The investment in players has been very significant in the last two years" (AS, 9/25).
