In an interview with AS, soccer economist Jose Maria Gay de Liebana opines about Real Madrid’s massive debt load, which he calculates to be about 541 million euros($731.3 million). He claims that the club currently operates on a negative working balance of 100 million euros ($135.2 million). He surmises that if the club’s debt load keeps growing, it willbecome impossible for it to remain in the hands of its members, meaning it would have to become a PLC.