How football clubs can afford to sign Beckham
13 November 2006, MADRID — Ten Spanish football clubs have made more than EUR 1 billion just by land deals linked to their stadiums.
13 November 2006
MADRID — Ten Spanish football clubs have made more than EUR 1 billion just by land deals linked to their stadiums.
By moving stadium and selling inner-city land, some of the country's top clubs, including Real Madrid, have made millions of euros.
The cash has been used to sign world class players who have then helped them win the sport's top trophies.
The Spanish daily El Pais reported how Real Madrid made EUR 501 million after selling its training ground.
The move was helped by support from the city council, which approved the deal.
With this cash, they bought players including Luis Figo, Zinadane Zidane, Ronaldo and David Beckham.
The same club was also able to build four towers at its Bernabeu stadium by changes in local regulations made by the city council.
But Real Madrid are not the only example of this get rich quick trick, the newspaper reported.
Seville, Betis and Levante have done the same.
Valencia has recently got permission to knock-down its stadium and build a space-age version of a new stadium.
In place of the old stadium will be flats in the centre of the city- gaining the club EUR 180m.
Murcia, a second division club made EUR 200m after the local council allowed the club to build a stadium and a commercial centre at sale price.
Other clubs which plan to do the same are Zaragoza, Valladolid, Barcelona, Español, Atlético de Madrid, Sporting de Gijón, Levante and Hércules.
Most of these clubs are private companies and their owners are in the construction business.
[Copyright EFE with Expatica]
Subject: Spanish news