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Real Madrid’s debt pile climbed over 10 percent in the past 12 months and now stands at a whopping €602 million, according to a report by Marco Ruiz of AS.

Ahead of Real’s Annual General Meeting (AGM) this weekend, figures released do not make good reading for those connected with the club.

In his piece, Ruiz wrote:

The total debt of 602 million is the total amount the club owes, both to the banks and creditors (suppliers, other clubs, tax and other public authorities...) Last year the equivalent figure was 541 million, meaning 2013-14 saw an increase of 11.3% in the money owed by the club. Of the 602 million euros, 75 million is due to the banks and 241 million long-term debt. The remainder of 361 million is short-term debt (falling due within one year) and that’s where one of the club’s issues lies, because short-term creditors (those who owe money to the club falling due within one year) is just 267 million euros, 94 million less than the amount the club has to pay in the same period.

Although the figures do not look good, Real have been servicing similar debt for a number of years.

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Also, the debt has not halted Real’s lavish spending in the transfer market. James Rodriguez was their major summer signing, and president Florentino Perez seemingly signed the Colombian on something of a whim.

In response to a question from ESPN FC’s Dermot Corrigan on the suitability of James fitting into manager Carlo Ancelotti’s system, Perez said: "I do not know how James plays. But he had a great World Cup and we wanted him here."

Work is being planned to upgrade the club’s famous Santiago Bernabeu Stadium, and that could be financed by a naming-rights deal.

This was confirmed by Perez in his interview with Corrigan.

Perez did not reveal who may take on the stadium naming rights, but Ruiz has suggested Fly Emirates are on the brink of signing a deal.

Ruiz stated any change of name will have to be approved by the members, possibly at the club’s AGM, and that the names being considered are “Fly Emirates Santiago Bernabeu, Fly Emirates Bernabeu or Bernabeu Fly Emirates."

Fly Emirates are on the point of taking the naming rights to the Santiago Bernabéu http://t.co/KNhLTwXoLe — AS English (@English_AS) September 20, 2014

Fly Emirates are Real’s current shirt sponsors.