debt doesnt equal broke, most big businesses are in debt of some sort.
They posted a loss of €300M for 20-21 financial year. They had huge reduction in revenues given ticket revenue accounts for 20% of their overall revenue.
I just cross-checked and their debts on the other hand have reduced actually. I was under the impression that their stadium renovation would have increased their debt. Nevermind.
Given their situation, an investment of near €200M plus wages is mammoth even for a club like Madrid. I don't know how they're managing that or maybe they're just dumping FFP like PSG and going all out.