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Real Madrid looking for cash flow in wake of Beckham exit
Spain - 04 April, 2008
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The world's supposed richest club is in dire need of a little financial assistance.
Spanish Real Madrid, which earned the title of world's richest club from Deloitte, have asked for a GBP 24.5 million emergency loan from La Caixa bank. One reason: David Beckham.
Newspaper El Mundo claims difficulties are because of Beckham's move to MLS L.A. Galaxy, as well as consecutive early Champions League departures.
A University of Catalonia study concluded Beckham's loss will cost the club GBP 30 million. Despite the GBP 30 million in profits, the club is scrambling for some extra cash. Real Madrid is having difficulty with day-to-day funding.
It is the first loan needed since approximately 1985.
Spanish Real Madrid, which earned the title of world's richest club from Deloitte, have asked for a GBP 24.5 million emergency loan from La Caixa bank. One reason: David Beckham.
Newspaper El Mundo claims difficulties are because of Beckham's move to MLS L.A. Galaxy, as well as consecutive early Champions League departures.
A University of Catalonia study concluded Beckham's loss will cost the club GBP 30 million. Despite the GBP 30 million in profits, the club is scrambling for some extra cash. Real Madrid is having difficulty with day-to-day funding.
It is the first loan needed since approximately 1985.
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