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By ESPN Staff

Real Madrid set to sign lucrative new television deal

MADRID, 15 Nov (Reuters) - Real Madrid are set to sign a new deal for the rights to televise its matches that will secure the financial stability of the club for the best part of a decade, the Primera Liga side have said.

'The deal guarantees us 800 million euros ($1.02 billion) over seven seasons and will be signed in the next few days,' a club spokesman said on Wednesday.

The nine-times European champions have not disclosed the name of the company buying the rights or when the deal would come into effect.

On Tuesday evening, Real president Ramon Calderon told a conference: 'We are the club who earns the most from its television rights and we are going to sign the most important contract in the history of world sport.'

Real's television rights are currently owned by Sogecable, through Audiovisual Sport, who also hold the rights for most of the Primera Liga and second division clubs.

At the beginning of November, publicly-run regional television station Telemadrid said they were going to make a bid for Real's television rights, though they recognised the club were also negotiating with other bidders.

According to Spanish sports daily AS, from the beginning of the 2008/9 season Telemadrid have offered an average of 115 million euros ($147 million) per year, starting at 75 million euros in the first season and rising progressively to 125 million euros.

Financial Web site elconfidencial.com said on Tuesday that Sogecable were offering Real 55 million euros a season, but after hearing of the Telemadrid bid had decided to double their offer.

A spokesman for Sogecable declined to comment on the subject.