Socrates, I know you don't feel the debt now, given your huge incomes, but don't forget that the end of last season marked the departure of your last, and biggest, shirt seller. You came to earn this much by bringing in players of the highest profile who practically returned half of the amount invested in them only by selling shirts. They are also the ones responsible for your enormous TV deal. Those players are gone now and I don't know how many shirts Drenthe and Pepe will sell. I hope you don't think that your club earns all this money just because of the name "Real Madrid".
Also, another thing that tends to earn you a lot of money is success. And with the team you have, it seems it will take you another miracle to get a title this season.
I know your club won't sink tomorrow, but you're definitely not in great shape. Business-wise, I think you've taken a step down by losing high-profile names like Ronaldo, RC and especially Beckham.
In addition to all this, you overpay for every player and after having spent a ton of money this summer, your squad doesn't look like they'll be up there fighting for honours when the season draws to a close. I don't know how the season will end, but judging by the team you have and the teams other clubs have, it's reasonable to assume that you won't be among the successful ones.
Like I said, it isn't doomesday for Madrid, but I don't know why you're not at least a bit worried. We were in a bad place four seasons ago and we had to cut wages. We're a big club, we earn a lot of money but we still felt our debt. I think you'll feel yours, too. Unless you bring in some world class stars and start winning titles, your incomes will diminish because you can't be the highest earning club forever. Eventually the mistakes you made with the team will reflect on your business. When we were building our team in 2003 and 2004, we brought players like Ronaldinho (world champion), Eto'o (proven in la Liga with Mallorca) and Deco (European champion). They're the ones who brought us success and money. You bought players like Drenthe (one tournament, 14m€
and Pepe (you paid the same amount for him as we did for Ronaldinho in 2003). So, not only are you taking a step down in player standards (from Zidane, Figo and Ronaldo to Drenthe, Pepe and Sneijder), you're overpaying for it.
Your club (run by Calderon and Mijatovi? hehe) seems to be taking the wrong path, and it's pretty arrogant to just discard a huge debt like that (I think it's around 270m€
.
My point is that, while your debt is easy to deal with now, it may not be in the future. You need to make smart signings, and for a reasonable cost too, if you want to stay in a healthy position, both financially and sports-wise. It doesn't seem like it now, and I know that I'd be worried if Barca were in this situation.