Real Madrid is suspected of € 200 million fraud

Real Madrid’s management is suspected of fraudulently selling the club’s image rights, Spiegel reports, citing Football Leaks.

According to the source, in 2016, Real began to negotiate with the American investment fund Providence to sell its image rights on the Internet. The following year, the parties signed a contract for € 200 million for a period of four years. It was assumed that the funds would go to the reconstruction of Madrid’s home stadium, “Santiago Bernabeu”.

It became known that Real has entered into a deal with two subsidiaries of the fund, located in the Cayman Islands. These companies were founded at the beginning of 2017 and had a capital of € 20 thousand. Thus, the Madrid club could try to evade taxes in Spain. It is noted that Real Madrid was aware that this transaction could be regarded as a fraud.

Author: Sam Smith
Graduated from University of Oxford. Previously, he worked in various diferent news media. Currently, it is a columnist of the world news section in the Free News editors.
Function: Editor