[How About This Book] The Secret Behind Staying on Top Even After Letting Ronaldo Go

'The Real Madrid Revolution'
Off the Pitch, Real Madrid CF
Forbes Values the Club at 9 Trillion Won
No. 1 for Three Consecutive Years, Top Spot Nine Times in Twelve Years
Deloitte Football Money League's "Highest-Earning Club"
A Wealthy Clu

When the global sports industry plunged into a sharp recession due to the pandemic, most professional clubs had to shoulder massive deficits caused by a decline in spectators and reduced broadcasting rights revenue. However, even in this crisis, there was an exceptional organization that maintained a surplus and drew the attention of the international sports community: Spain's prestigious football club, Real Madrid CF.

[How About This Book] The Secret Behind Staying on Top Even After Letting Ronaldo Go

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Real Madrid has already secured a unique position in football history, with a record 15 UEFA Champions League titles and 36 La Liga championships. The title "Best Football Club of the 20th Century" awarded by FIFA also symbolizes its status. However, recent interest in Real Madrid is focused more on its management performance than the number of trophies. Forbes named Real Madrid the most valuable football club in the world in 2024, valuing the club at approximately 9 trillion won. This marks its third consecutive year at the top and the ninth time in twelve years. In the same year, the Deloitte Football Money League also ranked Real Madrid as the highest-revenue club.

This book analyzes the background behind such achievements. It starts from the reality that the football industry has expanded beyond the "game" itself into entertainment and brand business. Recently, the football world has become closely intertwined with large capital, including government-affiliated institutions, private equity funds, and the multi-club ownership (MCO) model. As the industry has transformed into one that requires enormous funding, it has become difficult to survive with only traditional methods.

The author, Steven G. Mandis, questions the data-driven operations that have been regarded as the textbook of sports management since "Moneyball" through investigation and analysis. He argues that Real Madrid's formula for victory, from player recruitment to financial management, has prioritized strategies that align with fan culture and values over data. He interprets the club's organizational culture-difficult to quantify with numbers-as a powerful competitive advantage.

This culture is closely linked to Real Madrid's unique ownership structure. Unlike most professional sports teams, which are owned by billionaire individuals or corporations, Real Madrid has been owned by its members, known as "Socios," since its founding in 1902. Fans function as more than mere consumers; they serve as checks and active participants, with the authority to remove the club president through a vote if necessary.

The most symbolic case addressed in the book is the 2018 separation from Cristiano Ronaldo. At the time, Ronaldo was still performing at the highest level, but his demand for a salary increase conflicted with the club's financial principles. Real Madrid let him go, accepting a short-term loss in team strength, and the author interprets this as "choosing the system over the superstar." He analyzes that this principle led to financial stability during the pandemic.

Real Madrid's management approach is also the subject of academic research. Harvard Business School has used the club's financial reforms and global brand strategy under President Florentino Perez as a case study. The mission, established based on fan surveys-"to become a multicultural club respected worldwide through fair success and the pursuit of excellence"-has since become the standard for all decision-making.

Real Madrid is also responding sensitively to changes in the media consumption habits of younger generations. Sports is no longer a field that only competes with other clubs; it is now in direct competition with the content industry. Real Madrid is strengthening its direct connection with fans through its own content production and digital platforms, attempting to expand as a global entertainment brand.

The book highlights the vulnerability of excessive investment strategies focused on short-term results by showing how clubs promoted to the Premier League are often relegated again in a short period. In contrast, the case of Real Madrid emphasizes that choices based on long-term value and financial principles have led to sustainable competitiveness.

Ultimately, this book is both a fascinating story for football fans and an insightful look at modern organizational management. Culture, which is difficult to measure, is a core element that unites organizations, and such principles can be applied not only to sports but also to companies and society as a whole. The success of Real Madrid is convincingly shown to be the result of a structure designed around values and principles, not mere coincidence.