Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

"Why Are So Many Children Dying in Gaza?"

Read more

AFRICA NEWS

Central African Republic: Seleka calls for partition

Read more

DEBATE

Nigeria: One Hundred Days and Counting (part 2)

Read more

DEBATE

Nigeria: One Hundred Days and Counting

Read more

FOCUS

Can Chancellor Merkel's winning streak last?

Read more

FOCUS

Hunger in a fertile land...

Read more

ENCORE!

High-tech acting king Andy Serkis on Dawn of the Planet of the Apes

Read more

REPORTERS

Hong Kong in rebellion against the 'motherland'

Read more

TALKING EUROPE

Dalia Grybauskaite, President of the Republic of Lithuania

Read more

  • Israel faces heightened diplomatic pressure as Gaza violence rages

    Read more

  • France charges Swiss bank UBS with tax fraud

    Read more

  • In pictures: Thousands march for Gaza peace in Paris

    Read more

  • Cycling is ‘winning the war on doping,’ says expert

    Read more

  • Botched Arizona execution takes nearly two hours

    Read more

  • Bomb attacks leave scores dead in north Nigeria

    Read more

  • Netherlands holds day of mourning for victims of flight MH17

    Read more

  • Two Ukrainian fighter jets shot down over rebel-held territory

    Read more

  • Ryanair ordered to pay back €9.6m in illegal state aid to France

    Read more

  • Gaza protests: ‘France imported the Mideast conflict a long time ago’

    Read more

  • Video: Fear, death and mourning in Gaza’s Khan Younis

    Read more

  • TransAsia Airways Taiwan crash leaves dozens dead

    Read more

  • Poland’s Rafal Majka wins 17th stage of Tour de France

    Read more

  • Young riders raise French hopes for Tour de France

    Read more

  • Defying UK, France to proceed with warships sale to Russia

    Read more

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

COMMENT(S)