Report: Real Madrid's operating expenses show mysterious increase

Real Madrid could face sanctions over unexplained costs of €122m in their latest financial reports.

The Daily Telegraph uncovered that €122m out of €135m in "other operating expenses" has not been accounted for.

It is alleged that part of these expenses are for repayments on a deal made with private equity group Providence over the sale of future marketing income.

Real Madrid have not verified how this money is paid back to Providence, and there is uncertainty that it is in line with UEFA's financial rules. La Liga also has strict salary budgets which hinge on club revenue.

Real Madrid's last set of financial results before signing the agreement with Providence saw them record only €17m in "other operating expenses", and these have notably risen in every year bar one since.

The Telegraph add that their research revealed Real Madrid are Europe's only major club with such hefty unspecified expenses in their financial records.

Real Madrid and UEFA declined to comment when pushed for answers on the matter, while La Liga did not offer a response.