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SBD Global/April 4, 2013/International Football
Real Madrid Under Investigation By European Commission For Illegal State Aid
Published April 4, 2013
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TURN BACK THE CLOCK: BLOOMBERG's White & Duff reported Real President Florentino Perez said that the club agreed with the city hall in '11 to "exchange land in the suburb of Las Tablas for a public area in the city's tree-lined main avenue, with the aim of building a shopping center next to its stadium" (BLOOMBERG, 4/3). REUTERS' Mark Elkington reported Real said the valuation of the land in '11, "which found its value to have increased 54-fold," was carried out by Madrid City Council, and was therefore "independent." Real said: "The valuation of all the properties have increased due to the time lapse between the different valuation that in some cases exceeds 10 years, the degree of evolution of the urban development process and the evolution of property prices" (REUTERS, 4/3).
BIGGER, BETTER: In a separate piece in the INDEPENDENT, Wallace reported Real Madrid foresees a future where its stadium is "even bigger, better and more lucrative than ever before." The story of how Real came to be investigated by the EC after allegations of state aid "goes to the heart of the club's ambitions." The new shopping mall and hotel complex, as well as the naming rights associated with the roof, "are part of the plan" to keep Real, with an annual revenue of £434M ($657M), "as the highest-earning club in the world" (INDEPENDENT, 4/3).