Real Madrid’s rolling crisis

{"text":[[{"start":null,"text":""}],[{"start":7.65,"text":"The Championship is always good for a bit of high drama. But with this season’s grand finale, English football’s second tier has truly jumped the shark. "}],[{"start":16.65,"text":"Wembley Stadium is due to host the Championship play-off final on May 23, a game often described as the richest in football. The victor is guaranteed more than £200mn in future TV money as a result of securing a spot in the Premier League. It can become a defining moment in a club’s history."}],[{"start":38.2,"text":"But the timing, location and participants of this year’s match are now in doubt due to a bizarre spying scandal. Southampton stand accused of sending an intern to hide behind a tree and record semi-final opponents Middlesbrough during a training session. The English Football League is due to meet on Tuesday to decide what action to take, but has floated delaying the game and even booting Southampton out of it. "}],[{"start":62.25,"text":"Spying scandals are not entirely new to football. In 2019, Leeds United were fined £200,000 for sending a staff member to watch every opponent train ahead of games. But the stakes have surely never been so high. "}],[{"start":76.3,"text":"This week we’re looking at the crisis rocking football’s biggest club. Plus, we ask why investors are not falling over themselves to buy the Seattle Seahawks. Do read on — Josh Noble, sports editor"}],[{"start":null,"text":""}],[{"start":89.3,"text":"Crisis and opportunity at the world’s richest football club"}],[{"start":93.7,"text":"Real Madrid have now gone two years without a trophy. The team sits 11 points behind Spanish champions Barcelona, and was bounced out of the Champions League in the quarter finals. In the Copa del Rey, Real Madrid suffered a humiliating exit in January at the hands of second-tier plodders Albacete. "}],[{"start":113.80000000000001,"text":"Divisions are everywhere. The first team squad is so at odds that one player ended up in the hospital following a dressing room row with a teammate. Star player Kylian Mbappé returned to the pitch this week to a chorus of jeers and whistles. The search for a new head coach looks set to end with the appointment of José Mourinho, 13 years after he left the club."}],[{"start":134.85000000000002,"text":"“When Real Madrid goes 2 seasons without winning a title, it’s time to worry,” said former captain Iker Casillas on X. "}],[{"start":143.70000000000002,"text":"The performances stand in contrast to Paris Saint-Germain, who have prospered since dismantling their own team of superstar Galacticos, including Mbappé. "}],[{"start":153.75000000000003,"text":"Problems on the pitch and in the dressing room in Madrid are feeding into the boardroom. This week Florentino Pérez, the club’s all-powerful president, said he would call an election, even though his current term runs for another three years. He vowed not to resign, and lashed out at his various critics, who he blamed for trying to destabilise the club."}],[{"start":172.95000000000002,"text":"“Why do they want to get rid of me? Just because a few people are saying they want to stand for election? Let them stand”, he said."}],[{"start":179.4,"text":"It’s not that long ago that Pérez was touting his plan to reorganise Real Madrid in order to raise money from investors. The idea was to allow an outside party — perhaps a private equity firm — to buy a stake of 5 to 10 per cent. The proposal is controversial, to say the least, for a club owned by its 100,000 members. "}],[{"start":200.85,"text":"The Spanish club has the highest revenue in football, at more than €1bn a year. Sportico reckons the club is worth $7.7bn; Football Benchmark has a slightly lower figure of around $7.1bn. Pérez has previously said it could be closer to €10bn. "}],[{"start":219.85,"text":"The current crisis could perhaps help grease the wheels of a corporate overhaul if the problems are deemed so severe that only drastic action will do. An infusion of capital, an additional partner and a significant reset of the way the club operates is something we’ve seen unfold at Manchester United after a period of disappointment. "}],[{"start":238.15,"text":"Assuming he emerges victorious, a fresh election might give the 79-year-old Pérez the mandate he needs to start making bigger, bolder changes. "}],[{"start":248.5,"text":"But even a chastened Pérez will have options. Real Madrid already raised money from private equity firm Sixth Street through a joint venture to develop non-football live events at the newly renovated Santiago Bernabéu. Another narrow deal could be an option, as shown by Barcelona’s deal to sell a chunk of media rights to the same fund. "}],[{"start":270.6,"text":"This season has helped make the case for change but also undermined the person leading the charge. "}],[{"start":276.85,"text":"Why the market looks ‘soft’ for the Super Bowl champs"}],[{"start":null,"text":""}],[{"start":280.5,"text":"When the Seattle Seahawks hit the market just 10 days after their dominant Super Bowl victory, some NFL insiders speculated the franchise could fetch up to $11bn — a figure that would smash the record set by the $6bn sale of the Washington Commanders in 2023."}],[{"start":297.4,"text":"But several months later, the team is drawing tepid interest from potential buyers, according to ESPN. This comes despite Seattle’s passionate fan base and the city’s appeal as a sports market, with its abundance of tech wealth. "}],[{"start":311.54999999999995,"text":"The softer-than-expected demand is particularly notable because prospective bidders hold major leverage due to the nature of the sale. "}],[{"start":319.94999999999993,"text":"The Seahawks have been owned by Paul Allen’s estate since the former owner and Microsoft co-founder died in 2018. The current process honours Allen’s directive to eventually offload his sports assets — which also included the recently sold Portland Trail Blazers of the NBA — and donate the proceeds to charity. "}],[{"start":339.1499999999999,"text":"The lack of a bidding war so far serves as a reminder: as franchise valuations boom in the world’s richest sports league, there just aren’t many people who can afford an NFL team."}],[{"start":349.69999999999993,"text":"Financing restrictions further complicate any acquisition. New buyers face a $1.5bn debt limit, while a controlling owner must hold a minimum 30 per cent stake. Ownership groups are capped at 25 partners, and institutional funds can only acquire stakes of up to 10 per cent. "}],[{"start":367.8499999999999,"text":"Seattle’s new owner may also feel pressured to join the stadium arms race, adding massive costs and political headaches. While Lumen Field only opened in 2002, the Pacific north-west city would likely need a domed stadium to pursue a Super Bowl host bid."}],[{"start":385.5999999999999,"text":"And for aspiring owners eyeing Seattle as a sport market, a less expensive option may be on the horizon. The NBA is exploring adding an expansion franchise in the city — and what billionaire would pass up the chance to resurrect the beloved SuperSonics and become Seattle’s basketball saviour?"}],[{"start":402.44999999999993,"text":"Nevertheless, a small pool of potential Seahawks bidders has begun to emerge. According to Sportico, Indian business scion Aditya Mittal, a limited partner of the NBA’s Boston Celtics, is preparing an offer with former Celtics lead owner Wyc Grousbeck. Billionaire Vinod Khosla, a San Francisco 49ers limited partner, is also reported to be interested."}],[{"start":425.74999999999994,"text":"The eventual sale may not meet the lofty expectations set in the champagne-soaked days following the Super Bowl. However, that does not mean soaring valuations are nearing a plateau. "}],[{"start":436.59999999999997,"text":"Bloomberg reported on Thursday that a consortium led by Silver Lake’s Egon Durban is purchasing an additional 25 per cent stake in the Las Vegas Raiders. The minority deal, which values the franchise at $9.9bn, would bring the group’s total ownership to roughly 40 per cent."}],[{"start":454.79999999999995,"text":"League executives told ESPN they believe the Seahawks will sell for about $9bn, which would still be a record price for an NFL team. Meanwhile, the league is midway through 11-year, $111bn media rights deals, which it is pushing to reopen to get even better terms. "}],[{"start":473.34999999999997,"text":"But the Seahawks’ sale process underscores the reality that NFL ownership is one of the world’s most exclusive clubs — and the price of admission is only getting higher."}],[{"start":483.95,"text":"Highlights"}],[{"start":null,"text":""}],[{"start":485.25,"text":"The number of people playing padel in the UK has hit 1mn, according to new figures from the Lawn Tennis Association, a huge increase from just a couple of years ago as the boom gathers pace. But some warn of a gold rush as novice investors look to ride the wave. "}],[{"start":501.35,"text":"The price of transport to New York City’s World Cup venue has been slashed after an outcry from fans over the cost of getting to and from games during the tournament."}],[{"start":510.3,"text":"Barry and Eddie Hearn sold a 15 per cent stake in Matchroom Holdings to sports investment firm Bruin Capital, valuing the darts, snooker and boxing empire at more than £1bn."}],[{"start":522.55,"text":"Hublot and other luxury watch brands are gearing up for the World Cup, featuring Kylian Mbappé and more."}],[{"start":528.25,"text":"Netflix will stream five NFL games in 2026, up from two last season, despite increasing regulatory scrutiny over the league’s deepening ties with streamers. Netflix secured three of the five broadcasts the NFL recently clawed back from Disney/ESPN and YouTube, with the remaining two going to traditional broadcasters Fox and NBC."}],[{"start":549.35,"text":"Final Whistle "}],[{"start":null,"text":""}],[{"start":551.1,"text":"Bad Bunny featured heavily at the Super Bowl earlier this year. But the Puerto Rican rapper is also popular in European football. Featuring adapted lyrics and Spanish supporters, “Café Con Ron” is the sound of Real Sociedad’s winning Copa del Rey campaign. "}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":572.4000000000001,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778939114_8576.mp3"}