Real Madrid have like €500M in earnings per year. Tv rights itself are like €150M. Yes, they have a debt, but they've been closing the last 10 years or so with positive numbers between earnings and expenses.
Merchadising are also another €150M and finally the stadium earnings (subscription, entrances, restaurants, museum....) are another €150M.
Is not good to have a debt, but Real Madrid have the economy to get over it and expend like a maniac (I don't support this, I would prefer them to pay their debt faster instead) without needing any Arab owner (in fact, Real Madrid cannot be sold).