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EU Court rules Real Madrid got no state aid in land deal

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MADRID (Reuters) - A court on Wednesday overturned a decision by EU authorities that Real Madrid received illegal state aid in 2011, putting one of Europe's richest clubs in line for a 20 million euro (£17.6 million) windfall.

In July 2016, the European Commission determined that Real received 18.4 million euros in illegal aid from Madrid City Hall in a transaction involving municipal land.

The club paid City Hall 595,000 euros for a parcel of land in the north of the city in 1998. But the sale never took place and, in 2011, Madrid authorities refunded the club 22.7 million euros, calculated to be the revised value of the land. The reversed verdict means the 18.4 million euros plus over 2 million euros in interest will be returned to the club, Real said in a statement.

 

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