Real Madrid have sold their training ground to wipe out a $245.4m (£170m) debt.
The current European champions have reached an agreement with the Madrid Regional Council to sell the Ciudad Deportiva training ground for a figure in the region $400m (£278m).
Under the terms of the agreement, the club will be able to relocate to a new-state-of-the-art complex on the outskirts of the city by 2004.
The Council plans to construct four huge office blocks on the site of the current training ground.
They also plan to construct a new 20,000-capacity sports pavilion, which will be central to the city's bid for the Olympic Games of 2012.
Real president Florentino Perez said the deal would lift a major burden that had been hanging over the club.
"I have been working for this from the very day I became president.
"This is very important for Real Madrid because we have removed a terrible burden and will soon have a new training ground which will be even better than AC Milan's Milanello training complex.
"From now on we can live without anxiety or financial difficulties. Real Madrid has not only to be a sporting leader, it must also be a financial leader too."