The question that everybody has been asking finally got an answer today when the Spanish savings bank Caja Madrid admitted that it has agreed to give Real Madrid a €76m (£64m) loan to be secured on two unnamed sources of collateral. Madrid are also understood to have a similar deal in place with Banco Santander.
Real have spent in excess of €160m to bring Cristiano Ronaldo from Manchester United and Kaka from Milan but the sporting director, Jorge Valdano, has admitted that the intention is to sign "four or five players more".
Caja Madrid's board of directors approved the loan on Monday. A source at the bank, which is the fourth-biggest in Spain, added that a similar deal had been approved by Santander, the bank that extended a credit line to the previous president, Ramón Calderón, as he tried to sign Ronaldo last summer. Santander itself has not commented.
so that is €150m in loans in order to sign two players? as predicted, real are extended easy credit and sink further into debt to fund signings, despite the world financial meltdown?
how terribly predictable. where's the platini outrage when you need it?
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