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Real Madrid called to answer unexplained €122m expenses in club account

Real Madrid have been asked to explain why €122m in expenses have not been explained in their club accounts.

The Telegraph released an exclusive report on Wednesday, as echoed by MD, which show that Real Madrid have refused to explain €122m in their club accounts.

Their annual report attributes around €135m to ‘other operational costs’, €13.6m of which was made in payment to La Liga – something required of all La Liga clubs.

When contacted, the club neither confirmed nor denied that those costs were part of a deal to sell future sponsorship money to a firm called Providence.

In 2017-18, the club reached an agreement with the company in order to bring in cash to cover losses of at least €216m between the years of 2014 and 2017. Real Madrid have not confirmed how that money is to be repaid, although they renewed the agreement in 2019-20. As a club owned by their members, President Florentino Perez is required to explain the club accounts to the membership.

However The Telegraph allege that this money was a sale in exchange for a percentage of future sponsorship money. The tax office in Spain regard this as debt, although the English paper point out that nothing in this deal would be illegal.

Nevertheless, it could raise questions with UEFA as to how this money is accounted for, and whether it might bring Los Blancos in breach of Financial Fair Play rules. That would in turn open them up to sanctions.

The advantage of the operation is that Los Blancos would not have to take on debt in loans, and thus increase their costs with rates of interest.

They go on to highlight that these unexplained ‘other operational costs’ have risen year upon year, reaching 20% of their income in 2022. Real Madrid have also recently sold 30% of the income from their newly renovated Santiago Bernabeu stadium for the next 20 years to Sixth Street for €360m, the same business which bought a percentage of Barcelona’s TV rights from La Liga for the next 25 years.

Los Blancos have been praised for their prudence and financial management in recent years, riding out the pandemic without major problems. However if The Telegraph’s suppositions are correct, it would colour matters in a different light.

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My son thinks Mbappe is better than me – Ronaldo

Mbappé: Would Have Been 'Fun' To Play With Cristiano Ronaldo

Al Nassr superstar Cristiano Ronaldo has revealed that his five-year-old son, Mateo, favors Real Madrid forward Kylian Mbappé over him.

Ronaldo, who netted a brace over the weekend to climb to the top of the Saudi Pro League scoring charts, admitted the surprising preference during an interview with La Sexta.

“Mateo really likes Mbappé,” Ronaldo shared. “He sometimes tells me: ‘Hey dad, Mbappé is better than you,’ and I reply by saying: ‘No, I am better than him, I have scored more goals.'”

The humorous exchange highlights the influence of Mbappé, who famously idolized Ronaldo during his youth. Despite Mateo’s playful comments, the 39-year-old football legend continues to shine on the pitch.

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Dikko Hosts Olympians, Assures On Retired Athletes Welfare

That the labours of the nation’s past heroes will not be in vain, the National Sports Commission (NSC) will prioritize the welfare of retired athletes and olympians who had excelled in the national colours. NSC Chairman Mallam Shehu Dikko gave this assurance while hosting the Nigeria Olympians Association (NOA) led by its President Olumide Oyedeji.

In Dikko’s opinion, one way to encourage the current athletes is by ensuring that the retired ones are not disregarded.

His words, “President Bola Ahmed Tinubu is not toying with the welfare of our athletes generally, but particularly our ex-internationals. It is his mandate and we have keyed into it. There is a budget line for the welfare of retired athletes. It may not be much but that’s a good starting point. It means that every year, something will be mapped out for the upkeep of our retired athletes. That money will be judiciously used. But we have to be specific. Not just any retired athlete, we are referring to athletes who wore these green and white colours and we can vouch for them. We want you to feel that Nigeria cares for you.”

There is also good news for athletes with unfulfilled past promises from the government.

“There is also a budget line to fulfill past promises government made to athletes. We know that there had been situations in the past when athletes excelled, they were made financial promises and even some have passed on without those promises being fulfilled. We have a catalogue of those promises and Mr. President has graciously approved a budget line for that purpose. With this development, we will be redeeming those promises gradually. Every year there should be a block funding to sort that out.”

The association’s request for an ‘entourage commission’ which would see the olympians serve as mentors to athletes at major sporting events got a glowing endorsement from the NSC helmsman.

He said, “The issue of entourage commission is one that I am committed to. In fact, we will push to make it a bill so that it becomes a law to have these retired athletes who have seen it all accompany our athletes to Games. There is a huge psychological boost the presence of these great olympians will have on the athletes having them side by side at the Games.”

Dikko eulogized the olympians for their past exploits that brought honour to the nation and promised to engage them more in the Commission’s activities.

“The major reason why the President set up the Commission is for the professionalization of the sector. Who are the core professionals? It is people like you. We will look at the involvement of the olympians in our programs. If you have the right people on the table, you get quality representation”, he added.

He drummed up the Commission’s aggressive grassroots sports development drive in a bid to strengthen the conveyor belt for talents and replace the retired athletes.

“We are doing things differently now. We have set up the three Rs, reset, refocus and relaunch. We are moving our sports from the emphasis on competitions which is consumption to development which is production. This entails that we have to be deliberate in our grassroots development of sports, the schools sports, NUGA, NIPOGA, NACEGA Games. We have struggled to replace most of you retired athletes over the years because of this neglect for the grassroots. We are changing all that now”, he said.

He promised equal attention to all sports.

“We are not a football Commission. We are here for all sports. In this this commission we are working to advance all sports and even in the last week we have held meetings with baseball, motorsports, hockey, volleyball, taekwondo, armwrestling, polo all manner of sports you can think of. We are doing sports development and sports economy here and every sport has the potentials to be a huge revenue generator for the country. We want the Federations to be serious and show proof of development of the sport with domestic tournaments. We fully keyed into what the Cricket U-19 team is doing in Malaysia because even before that tournament you could see the visible efforts of the Federation to unearth and develop talents”, he concluded.

Dikko pledged his support for the upcoming Olympians reunion tagged “the labour of our heroes past.”

Highpoint of the meeting was the induction of the NSC Chairman as an olympian, an act which according to the association, accords him the full privileges and rights of an olympian.

The NOA delegation comprised of Olumide Oyedeji (President), Lawrence Iquaibom (1st Vice-president), Chief Falilat Ogunkoya-Osheku, Emmanuel Babayaro (Secretary), Hameed Adio, Emmanuel Oshoma and Olusegun Ajose. Also present at the event was SSA to the President on Grassroots Sports Development Adeyinka Adeboye ‘Zulu’.

 

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Adams eager to make impact at Sevilla

Akor Adams

Nigerian forward Jerome Adams is determined to make his mark at La Liga club Sevilla after completing his move from Ligue 1 side Montpellier.

The 25-year-old, who spent one-and-a-half seasons at Montpellier, scored three goals and provided one assist before joining Sevilla.

After signing his contract, Adams watched Sevilla’s 2-2 draw with Espanyol and expressed his excitement for the future.

“There is a lot of history at this club and I am here to be part of this history and also to try to write my own,” Adams told Sevilla’s official website.

“Both my family and I are very happy. It has been a great welcome and for me, it is a great (25th) birthday present.”

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