With the Gareth Bale transfer completed forAi??Ai??ai??i??100 million, we look at Real Madrid’s financial might and if this is a trend that will continue.
As Real Madrid smashed their own transfer fee world record this summer by luring Gareth Bale from the cold of North London to sunny Bernabeu, one is left bewildered at the depth in pockets at the Madrid club. The financial might at play in Real Madrid is astounding to say the least. They paid Manchester United a world record A?80 million in 2009 (ai??i??93 million then) for Cristiano Ronaldo, the same summer they splashed out ai??i??70 million for Brazilian playmaker Kaka. Four years on, they have smashed the transfer fee world record again by shelling out ai??i??100 million to Tottenham Hotspur for Gareth Bale. As this bit of transfer news makes the other clubs murmur in discontent, we need to understand how Real Madrid are able to finance such moves and if they are frowned upon by football governing body UEFA for their financial dealings.
Real Madridai??i??s transfer business has not seen profits per year for 15 years. The last time their income exceeded their expenditure was in the summer of 1998-99, when their top spending was a measly A?2.64 million to RCD Mallorca for Ivan Campo. Since then they have seen a lot of entries in the red column of their transfer dealings accounting books with player like Nicolas Anelka (A?30.8 million), Luis Figo (A?52.8 million), Zinedine Zidane (A?64.7 million), the Brazilian Ronaldo (A?39.6 million), David Beckham (A?33 million), Arjen Robben (A?31.7 million), Cristiano Ronaldo (A?82.7 million), Kaka (A?57.2 million) and Gareth Bale (A?88 million) bought as the Galacticos era of Madrid rolled on. In fact the 2009-10 season, which saw Jose Mourinho take charge for Los Blancos saw a transfer balance sheet amount of A? -149 million.
We have seen in the past clubs like Chelsea, Manchester City and more recently Paris St. Germain and Monaco receive significant monetary windfall due to takeover in ownership. As Russian oil oligarchs and rich Middle East sheikhs look to invest large sums of money in football, Madrid has stayed out of this trend and still has been able to spend massive amounts on player transfers. This is in part thanks to their status in La Liga as member-owned clubs. The four clubs in La Liga that enjoy this status are Real Madrid, Barcelona, Athletic Bilbao and Osasuna. The exemption gave the four clubs in question significant advantages in terms of corporation and property tax. It also granted the four a not-for-profit status under Spanish law. This makes for an advantageous accounting and financial power that these clubs have over the other private limited clubs in the league allowing them to engage in more aggressive financial play and giving them the power to manipulate their own accounting figures to show inflated profits.
Add to this the way television rights in La Liga are distributed and the jigsaw falls into place about how Madrid and Barcelona are able to flex their muscles more than any other club in La Liga by a long shot. The Big Two in Spain get about three times more revenue than any other club in the league and this has increased financial disparity between the top two and the rest of the league. Having this kind of power makes for better recruitment over their rivals and results in higher success in terms of trophies, prize money, revenue and media deals. Massive million deals like Baleai??i??s or Ronaldoai??i??s can be sanctioned and more money is generated from sale of player merchandise and sponsorship deals. This cyclical flow has made Madrid rich beyond measure over the years and is how they finance their massive transfer market deals.
UEFA now seems to be keeping a stern eye on the situation though. This Bale transfer comes with the first monitoring period for UEFA’s financial fair play [FFP] rules which were completed at the end of last season with potential sanctions for non-compliance to be announced in April. If UEFA deems it fit, they might relinquish the privileged members-only status from clubs like Real Madrid and Barcelona and make them respect financial fair play guidelines. Arsene Wenger recently claimed the amount of money to be paid for Bale as a joke. In a bid to bring more parity in the way La Liga functions, UEFA will come down hard on the big two. This move might be followed by a change in the way television rights are distributed in Spain. If they were to follow the same sharing rules as is done in the Premier League ai??i?? where all 20 Premier League clubs share the television rights, it could pave way for higher competition in a non-competitive La Liga and help other clubs compete with Madrid on the transfer front.
Real Madrid are also aware of the fact that as per FFP rules, total transfer outlay is less important than player transfer fee. Transfer fee can always be amortized over the length of a playerai??i??s contract, which means that paying ai??i??100 million on a player may be stretched over the duration of the playerai??i??s contract in the accounting books, but the wages that a player gets have more bearing over the red side of the balance sheet. This explains why Real were eager to let Gonzalo Higuain go to Napoli and why they were willing to sell Mesut Ozil to Arsenal and even letting Kaka go on a free to Milan after investing heavily on him four years ago. These sales were seen with a view of reducing the wage bill at the club and not seen as moves to finance the Bale move.
Even with these advantages, Madrid are reported to be in debts of ai??i??590 million, which far exceed the ai??i??45 million leeway UEFA gives to clubs during a financial year. Madrid, also caught up in land dealing cases at the Bernabeu are under the scanner now more than ever and with UEFA clamping down on FFP irregularities and La Liga authorities looking to make Spanish football more competitive through better allocation of television rights, the Bale spending may be one of the last few mammoth transfers that Madrid pull of in the near future.
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