Real Madrid have bought back the percentage of their image rights they had sold to savings bank Bankia and media group Mediapro in 2004.
Florentino Perez has paid 29 million euros to recover 30 per cent of Los Blancos rights. Mediapro owned 12.5% and Bankia had 7.5% and they both formed a partnership called Real Madrid Rights Management, that has now been dissolved.
Real Madrid sold 30% of the image rights 11 years ago in order to finance the ‘galactic’ signings Florentino Perez made in his firs stage as Los Merengues president, such as Brazilian forward Ronaldo Nazario and England star David Beckham.
The excellent economic situation the club is living has allowed Perez to repurchase those image rights one year before the contract with Bankia and Mediapro was expiring.
The Los Blancos president has opted to buy them now rather than recover them next year for free at the end of 2016 because he believes this option will be more profitable. “This rights’ cost will be recovered before the date that those rights were going to be returned to the club,” he explained.
Perez will present a report of the deal to Real Madrid shareholders in the assambly that will take place next Saturday in the Spanish capital.