David Beckham's departure from Real Madrid has
reportedly helped to plunge the world's richest club into financial
difficulties. Real have been forced to ask one of Spain's biggest
banks for an emergency loan of €30 million (about £23 million) to
cover running costs, according to El Mundo, the Spanish newspaper.
As well as the bank loan, it is claimed, directors at the club have
been asked to raise additional funds.
Real were named by Deloitte, the accountancy firm, as the
world's richest club as recently as February, but despite their
vast assets and host of galácticos, their revenue has plummeted
thanks to the world's most marketable player leaving for the Los
Angeles Galaxy and their early elimination from the Champions
League in the past two years.
Despite average attendances of 70,000 at the Bernabéu, Real took
only £55 million in gate receipts last season, 60 per cent of
Manchester United's takings at the turnstiles. The club's high wage
bill and a hefty payoff to Fabio Capello, who earned £4million a
year as coach, mean that their margins are under pressure and they
have reportedly run into cashflow problems.
Under Ramón Calderón, who was elected president in 2006, Real
embarked on a spending spree, buying Arjen Robben, Fabio Cannavaro
and Ruud van Nistelrooy. As recently as June, Calderón insisted
that the club were in a sound financial state. However, Real missed
out on a television rights windfall by going out of the Champions
League in the first knockout round to AS Roma.
The absence of Beckham was also felt - more keenly on the club's
balance sheet than on the pitch. His departure has cost the club
between £24 million and £30 million, according to a study by the
University of Catalonia. However, any financial difficulty is
unlikely to be felt for long. The club boasted pre-tax profits of
nearly £30million last year and a turnover of about £250
million.
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