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Madrid - Richest Club?

Madrid - Richest Club?

Officially Real Madrid are the 'Richest Club In The World', yet club executive Ramon Calderon has had to move to ease fans' concerns about the financial health of the club.

Calderon admitted that Madrid have a deficit of 435million euros (£301million) on the balance sheet, but insisted a large percentage of that figure is covered and the effective debt is in fact in the region of 70million euros (£48million).

'This figure (435million euros) is true but we have to explain it,' Calderon told Radio Marca.

'We have 160million euros (£111million) in a bank account and 189million euros (£131million) that is owed to us. Therefore, the effective debt is around 70million euros.'

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Writer:Cantona
Date:Tuesday April 18 2006
Time: 6:27PM

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Comments

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Money on this level is hard to understand - it's like national debt - what's that all about. But if any other type of business was run the way some football clubs are, the bank would pull the plug. Football clubs seem to be a special case.
DBT Riverside
18/04/2006 18:36:00
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