How Much Money Real Madrid Make From the New Santiago Bernabéu

Short answer: Real Madrid publish no single stadium revenue figure. Deloitte puts matchday revenue at €233 million in 2024/25, up from €144.8 million in 2018/19, and commercial revenue, which includes the stadium tour, the store and events, at €594 million.

For decades, traditional European football stadiums sat largely empty during the working week. A club invested hundreds of millions into brick and mortar, opened the turnstiles for 25 to 30 home fixtures a year, and locked the gates for the rest of the year. While English clubs relied on television broadcasting rights and state-backed owners poured in sovereign capital, Real Madrid club president Florentino Pérez set out a more ambitious commercial model: turning the Santiago Bernabéu into a venue that earns money all year round.

Today, after a redevelopment financed with €1.17 billion of loans and reported to have cost about €1.76 billion in total, the New Santiago Bernabéu is one of the most sophisticated and versatile sports venues in the world. With a retractable roof and a pitch that can be stored beneath the stadium floor, it was built to host far more than football.

As broken down in our financial study on La Liga official squad spending caps, Real Madrid have one of the biggest spending capacities in Spain, and their stadium is a large part of the reason. But how much money does the new arena actually bring in every season? Here is a step-by-step look, based on reported figures, at how much money Real Madrid make from the New Santiago Bernabéu.

New Santiago Bernabéu Annual Revenue Breakdown

Real Madrid do not report a single “stadium revenue” figure, so the table below shows the club’s reported revenue streams from the Deloitte Football Money League: 2018/19, the last season before the rebuild, against 2024/25, the latest season available. Matchday revenue comes almost entirely from the stadium; commercial revenue includes the stadium tour, the store and events, but also sponsorship that has nothing to do with the stadium.

How does the Bernabéu’s retractable pitch work?

The defining technical feature of the new stadium is its retractable pitch. In traditional multipurpose stadiums, hosting a rock concert or another large event damages the grass, requiring weeks of pitch relaying and disrupting competitive fixtures.

Real Madrid’s answer was to build a pitch that can be moved and stored beneath the stadium, where the grass is kept in a controlled environment:

• Artificial lighting to keep the grass growing while it is stored.
• Climate control to protect the turf.
• Irrigation and ventilation systems.
• Monitoring of the playing surface.

With the pitch stored away, the stadium floor can carry heavy staging for concerts and other events, and the grass can then be returned for football. This is what allows the Bernabéu to host non-football events without damaging the playing surface.

What are the Sixth Street and Legends deals worth?

To commercialize the stadium beyond football, Real Madrid signed two separate agreements with US partners: one with investment firm Sixth Street and venue operator Legends, and an earlier one with Legends alone.

The terms reported at the time:

• In May 2022 Real Madrid agreed a 20-year strategic partnership with Sixth Street and Legends, valued at €360 million, under which Sixth Street works on the operation of certain new businesses at the Bernabéu.
• In January 2022 Legends signed a separate 25-year deal to manage the stadium’s non-sporting events in return for 20% of that revenue, and it also advised on the renovation. The share of revenue going to Sixth Street was not stated in the reports we checked.
• Both deals concern new, non-football businesses at the stadium rather than football income such as ticketing, broadcasting or UEFA prize money.

Legends brings experience of running major venues and events, which Real Madrid wanted in order to fill the stadium on non-matchdays.

How do concerts and the NFL game use the new Bernabéu?

Non-football events were a central part of the business plan for the new stadium, but Real Madrid do not report how much they earn from concerts and other events; that income is counted within commercial revenue.

In 2024, the Bernabéu hosted major concerts, including:

• Taylor Swift (‘The Eras Tour’): Two shows, on 29 and 30 May 2024.
• Karol G: Four shows in July 2024.

In addition to music, the Bernabéu hosted an NFL regular-season game on 16 November 2025, when the Miami Dolphins beat the Washington Commanders 16–13 in overtime in front of 78,610 fans. Real Madrid have not published what the game earned the club.

How much do hospitality and matchday income bring in?

Hospitality is one of the main reasons for rebuilding a stadium, and the new Bernabéu added new premium seating and corporate areas. Real Madrid do not publish a separate hospitality figure: it is included in matchday revenue, together with ticketing, members and Personal Seat Licences.

That matchday figure was €144.8 million in 2018/19, before the rebuild. In 2024/25 it was €233 million, according to Deloitte, about €88 million or 61% higher (our calculation). It was, however, 6% lower than in 2023/24, mainly because the club sold fewer Personal Seat Licences.

For comparison, Deloitte puts Real Madrid’s total revenue at close to €1.2 billion in 2024/25, the highest in world football, so matchday income makes up roughly a fifth of the club’s revenue.

5. The Bernabéu Tour, Retail & Commercial Income

The Bernabéu is not merely a football ground: the stadium tour and museum, celebrating the club’s European Cup victories, draw visitors all year round, and the stadium houses the club’s flagship store.

What the figures show:

• Commercial revenue of €594 million in 2024/25: up 23% on the previous season, driven by merchandise and new commercial partners, according to Deloitte.
• Up from €354.6 million in 2018/19: an increase of about 68% since the last season before the rebuild (our calculation).
• No separate tour or store figures: Deloitte counts the tour, the store and non-football events inside commercial revenue, and we have not been able to confirm separate figures for them.

How was the Bernabéu rebuild financed?

How much did this project cost, and what does it cost Real Madrid to pay it off? The total cost has been reported at about €1.76 billion. Real Madrid financed the work with three long-term loans totalling €1.17 billion:

• Loan 1 (2019): €575 million at a fixed interest rate of 2.5% over 30 years, with a three-year grace period and repayments of about €29.5 million a year from July 2023.
• Loan 2 (2021): €225 million at a fixed interest rate of 1.53% over 27 years, with repayments of about €10.5 million a year from July 2024.
• Loan 3 (2023): €370 million over 30 years, requested to cover cost overruns linked to the COVID-19 pandemic and the war in Ukraine.

Across the three loans, the average interest rate is about 3% and repayments come to about €60 million a year over 30 years.

For context, matchday revenue alone was about €88 million a year higher in 2024/25 than before the rebuild (our calculation from Deloitte figures), before counting any extra commercial income from the tour, the store and events. We do not estimate the stadium’s profit, because Real Madrid do not report its costs and revenues separately.

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