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Real Madrid announces record budget after summer spending spree

Text by NEWS WIRES

Latest update : 2009-09-20

Real Madrid's boss Florentino Perez has announced a record budget for the 2009/10 season of 422 million euros after having spent 250 million euros on the transfer market. The debt has also risen to 327 million euros.

AFP - Real Madrid on Sunday announced a record 422 million euro budget aligned to a net debt of 327 million euros after a summer spending spree on greats like Cristiano Ronaldo and Kaka.
  
Real splashed out 250 million euros on Ronaldo (94million euros), Kaka (65mn), France's Karim Benzema (35mn) and Xabi Alonso (30mn).
  
Real president Florentino Perez told the club's general assembly on Sunday that the debt mountain would be cut by some 200 million euros by June 2010 thanks to a 14 percent increase in revenue on last season.
  
"We're going through a delicate moment with the world financial crisis but we had to make a big effort for the new arrivals of players, which explains the 327m debt," Perez said.
  
He told the assembly that he "had not made the right decision" to quit the presidency in 2006 only to take over the reins again this year.
  
Real unveiled their figures at a time when UEFA President Michel Platini has announced a new "fair play" policy with regard to the financing of clubs aimed at preventing clubs taking on huge debts.
  
Perez revealed that the club's wage bill represented 45 percent of its expenditure and announced modernisation projects for the Santiago-Bernabeu stadium as well as a theme park in Madrid.
  
Real's arch rivals Barcelona have also announced a record budget totalling 400 million euros for this season.
  
Real play Xerez later on Sunday, a club lying bottom of the table with an annual budget of just nine million euros - less than the salaries of Ronaldo or Kaka.

Date created : 2009-09-20

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