Real Madrid have announced that their debt has risen to Ј296million (327million euros) following a summer of lavish spending.
The Spanish giants embarked on a phenomenal rebuilding project during the transfer window which saw many of the world's top players arrive at the Santiago Bernabeu.
Club president Florentino Perez, who was appointed in June, helped bring in the likes of Cristiano Ronaldo, Kaka, Karim Benzema and Xabi Alonso.
The summer spending totalled Ј226million (250million euros) but it has resulted in massive debt.
However, Real appear to have lost none of their appetite for spending, with the annual assembly also approving a new record budget of Ј381million (422million euros) for the current season.
"We're going through a delicate moment with the world financial crisis but we had to make a big effort for the new arrivals of players, which explains the debt," explained Perez.
Perez told the assembly that projected revenues, increased on previous years, should see the club cut their debt to around Ј180million (210million euros) by the end of the season.
The figures are likely to be jumped on by Uefa, whose president Michel Platini has announced plans to bar clubs from major European competitions unless they restrict their budget to spending only what they earn.
The assembly also heard of plans to remodel the Bernebeu and build a Real Madrid theme park at the club's training ground to enhance future revenue streams.
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