Michel Platini has broken his silence about Real Madrid's
'excessive' spending spree to warn that the transfer system must
change.
The UEFA president has previously been outspoken in his
criticism of how the spending power of English clubs is
unsustainable.
And he has now hit out at Madrid after their £56million signing
of Kaka from AC Milan was followed with an £80m offer for
Manchester United and the promise of more signings to come.
'These excessive transfers are happening almost every day,'
Platini told AFP. 'These transfers are a serious challenge to the
idea of fair play and the concept of financial balance in our
competitions.'
The Frenchman has vowed to clean up the financial side of the
game and create a level economic playing field.
'UEFA are working hard with clubs to set up a new set of rules
as soon as is possible to clean up the system and give it a more
solid, more transparent base,' he said. 'That is our top priority
today.'
Platini is a critic of the level of debt carried by the Barclays
Premier League 'Big Four' of Manchester United, Liverpool, Chelsea
and Arsenal - estimated recently at £2bn - and wants powers to bar
debt-laden clubs from the Champions League and newly formed Europa
League.
He called Manchester City's £100m bid to sign Kaka from AC Milan
in January 'ridiculous from a social, football and financial point
of view'.
Ronaldo’s proposed transfer was revealed as the pound hit its
highest level against the euro for six months - and until the deal
is sealed every increase will cost the Spanish giants even
more.
The pound hit 1.17 euros and currency experts calculate that
each cent the euro falls will cost the Spaniards an extra one
million euros.
The £80million price the two clubs have agreed would have cost
Real Madrid €83 million in January when the pound was much weaker.
But at today’s exchange rate the same sterling amount will cost
Real Madrid €93 million.
Mark O’Sullivan, director of dealing at foreign exchange firm
Currencies Direct, said: 'While the Ronaldo deal is good news for
Real Madrid supporters, the accountants at the Bernabeu stadium
will be sweating until the paperwork is all signed and sealed.'
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