I just glanced over it but if I got it right, Legends guarantee that the total revenue from holding events will be at least 400m per year. The expenses are deducted and they share the profit (20% to Legends, 80% to Madrid).
In the same article I read the 400m figure is mentioned alongside usual Bernabeu revenue and I didn't understand if the deal with Legends takes match day revenue and other activities in account.
If 400m is total revenue, there are costs (let's say 25% for the sake of the argument), 80% of 300 is 240m.
My madridista friend tends to see it this way: additional 400m from non-Real related activities, 100m deducted for costs, additional 240m. This way Real's total Bernabeu revenue would be close to 400m and I don't see that happen.
Did you happen to find the right explanation of the deal?
No, I haven't seen any clear explanations so far, at least not from the Spanish media outlets that I have seen.
I can't imagine Legends or anybody being able to generate 400m extra revenue out of Bernabeu, in addition to the 200m Bernabeu is already generating currently (matchday, hospitalities and hosting events). I mean, sure, potentially hosting a few NFL and even NBA games a year (they won't all be in Madrid), some concerts, conferences etc. and retail stores, how can they generate 400m extra? I doubt a venue that is dedicated full-time to those stuff all year round, without the interruption of football games will generate 400m of revenue a year. There won't be enough events for Bernabeu to host every single day and other than tourists (which are not that many in Madrid), who wants to go shopping at Bernabeu? I remember it is located in the middle of a street surrounded by some office buildings, kind of in the middle of nowhere. Of course I could be wrong here.
After reading that 2Playbook article, I thought Legends promises to generate 400m to 440m a year in total out of Bernabeu and they will charge 20% of it, which means Real Madrid get to take home between 320m to 352m a year, which is great for them already. If it is an additional 400m or so a year on top of the 200m it is already generating for them, then Real Madrid will blow every other club out of the water in Europe and around the world. I wonder if it is that great, why other clubs have not hired Legends to deliver this type of income.