Real Madrid `Has the Money' for Record Spending Spree, UEFA's Platini Says 22/10/2009 |
|
| |
| |
Real Madrid “has the money” to finance its $360 million off-season spending on Cristiano Ronaldo and other players, Europe’s top soccer official said.
Governing body UEFA plans to ban clubs from the Champions League if they spend more than they earn from 2012. Real Madrid took out bank loans of 150 million euros ($225 million) repayable through 2015 to finance the player trades.
“It’s an incredible sum for me and thousands of people but Real Madrid has the money to do it,” UEFA President Michel Platini told reporters yesterday at Madrid’s Santiago Bernabeu stadium. “The important thing is that you have the money.”
Real Madrid said last month it expects sales to increase 3.5 percent to 421.7 million euros in the year ending June 30, mainly on a rise in ticket sales and other stadium-related income. Pretax profit is expected to shrink 25 percent to 19 million euros, according to the team’s accounts.
The record nine-time European champion has 70 million pounds ($115 million) for new signings every year since its “huge revenue” allows them to go out into the market without threatening the club’s future, Jorge Valdano, Real’s general director, was cited as saying in the Times of London yesterday.
(Source: Bloomberg)
|
| Back |
| |
| |
|
|
 |
Advertisement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
