Real Zaragoza faces the imminent threat of relegation to Primera RFEF, with three matches left and a four-point gap from safety. The financial consequences are severe: the budget is expected to shrink by approximately 40%, equating to over €8 million, based on the latest reported business figure of €17.9 million for the 2024-25 season.
Revenue from television broadcasting, season ticket holders, and commercial advertising—the three main income streams—will all decline significantly. As a result, the club must also reduce its personnel costs, which surged to €15.6 million in 2024-25, a sharp rise since the arrival of current owner Real Z LLC. Several variables remain uncertain if relegation occurs, particularly regarding fan response and commercial income. The ownership may inject additional capital (they have already carried out five capital increases totaling €42.7 million, bringing the current figure to €49.015 million). Additionally, Juan Forcén has been seeking investment from local Aragonese sources for months.
The club could generate funds through potential transfers: Liso (loaned to Getafe with a €3 million option), Bazdar (Jagiellonia, €2 million option), and Pau Sans (Cracovia, €1 million option) are all currently on loan. Getafe wants to negotiate Liso’s fee, while Jagiellonia and Cracovia are unlikely to exercise their options, though talks for a transfer may occur. Both Liso and Bazdar will not play in Primera RFEF, making their departures certain.
Television revenue, which ranged from €7.9 million (22-23) to €6.6 million (last season), will plummet to around €500,000 in Primera RFEF—a devastating drop. Season ticket income (currently 18,352 seated members plus approximately 4,700 non-seated) was €5.4 million in 24-25, but is expected to fall as fan numbers decline and price increases are unlikely. Commercial and advertising revenue, which fluctuated between €4.6 million and €5 million in recent years, will also shrink. The overall business figure rose sharply under Real Z LLC to €17.9 million, compared to €15.2 million in the final year under the foundation.
Relegation triggers a compensation fund of about €1.5 million from LaLiga, plus a small travel allowance. The club’s linear creditor payment plan (part of the insolvency agreement) will be suspended for five years; in 2024, that payment was around €1.6 million following a 47% debt purchase.
The club insists the project will continue even in Primera RFEF. While falling to this category would have been catastrophic in the past, it is now considered a “sustainable drama.” Net debt stands at €39.6 million (down from €67.9 million when Real Z LLC took over), including a €12.7 million CVC loan repayable until 2072.
In Primera RFEF, there is no LaLiga salary cap, but the RFEF imposes a spending control. The new measures will tighten rules next season: squad cost must not exceed 70% of projected revenue, with audits and monitoring, plus incentive and penalty systems. The minimum salary for professional players is €35,000 (€28,000 for clubs with TV revenue under €500,000), and squads can have at most 18 players over 23. In Segunda, the minimum is €98,000. The club must be up to date with payments and deposit 10% of audited expenses via a guarantee.
Currently, 18 players’ contracts expire, including Guti (who needs two more games to trigger renewal). Only 20 contracts remain active, counting recent renewals (Pinilla, Terrer, Barrachina) and four first-team loanees (Liso, Bazdar, Kosa
