This is erroneously reported and should be deleted, or at least community noted:
Osasuna purchased insurance to cover potential financial consequences stemming from possible relegation, a common practice in professional sports, particularly soccer. The club secured a 1.2 million euro policy to guarantee compensation of 6 million euros in the event of relegation.
The coverage was purchased through Howden, an internationally renowned insurance company with a strong presence in the sports sector, which has worked with other LaLiga clubs for years.
A Spanish La Liga club (likely Osasuna) facing potential relegation placed a bet against itself on Kalshi, hedging the financial hit of dropping down a tier.
They survived on the final day. Susquehanna was on the other side of that bet and pocketed over $1M.