Real Madrid gets $1 billion for seven-year TV rights package

Reports out of Europe state that Real Madrid has agreed to sell their TV rights for 800 million in a seven-year deal according to club president Ramon Calderon said on Tuesday. Calderon didn’t disclose the buyer, saying the club would give details in the next few days.

“It is the biggest contract in the history of world sport,” Calderon was quoted as saying by the Website of sports daily Marca.

Spain’s ABC newspaper recently reported that Madrid’s regional government – through its free-to-air network Telemadrid – and bank Caja Madrid lodged a 600 million bid to broadcast Real Madrid games for five seasons from 2009 to 2013.

Sogecable, which forms part of media giant Prisa, currently pays 55 million a season for Real Madrid’s matches, which are shown via digital platform Digital Plus.

This deal runs until 2008, although Sogecable has the option to extend it for a further year by paying 60 million.