While Real Madrid may not be the best in terms of financial stability, an economic theory posits that the best form of financing is through debt. So, they're able to use debt to finance debt with each knocking off the other, allowing room for fresher debts and with the success they've been enjoying it's understandable how they've been able to stay afloat.

I agree it may be a ticking bomb and they need to find a more stable financial model.