alt Hacker NewsReal Madrid alone is more than $5B ? Maybe you mean to say league association is worth 5B ? That seems too high the association does not have lot of margins they pass through most of their revenue to the clubs .
The last domestic TV deal they signed recently was worth $6B for 5 seasons or so, which is what you are proposing they buy.
In enterprise value terms that $1B/year growing 6 %YoY is worth a lot more than $5B.
In contrast Cloudflare has a $2.5B revenue albeit growing much faster but also has much smaller earnings or free cash flow, I.e. money they are not spending to make their current revenue.
Here are RMs financials...https://www.realmadrid.com/en-US/news/club/latest-news/notic...
They make about $25m a year in profit. Cloudflair actually looses a small amount of money on 2.5x the revenue. However, Cloudflairs market cap is about 100x that of RM's and that's because they have a growing business, in a growing industry and can easily become profitable when needed. That's probably not possible for RM and their very pricey lineup of players.