The column ai???Finance Footballai??i?? tackles the economic aspects of the world’s favorite pastime, taking aAi??closer look at the commercial side of the game. In the Third edition we look atAi??Florentino Perez, the creator of Real Madrid’s Galactico policy and engineer of some of the biggest transfers in football. The prototype for the modern day football sugar daddys. How Perez is using expensive vanity signings to maintain a stronghold over Madrid. A presidency built upon unfulfilled promises where ever-escalating transfer fees take precedent over the sporting aspect of the project.

The clash of the Titans is just around the corner, which is always a good enough reason to take a look at Spainai??i??s two biggest clubs. Come El Clasico the football world is divided into two fractions, pro-Barcelona or anti-Madrid or vice versa. Thereai??i??s a certain arrogance, if only perceived, emanating from the Spanish capital club whereas FC Barcelona has been used as a vehicle to promote CataluAi??aai??i??s push for independence. Subsequently alienating fans in the process who are either neutral on the matter or not Catalan.

There have always been tensions between the two clubs, after all each strives to be the most dominant side domestic and abroad. However, the animosity reached an all-time high (or low depending on oneai??i??s perspective) during the Jose Mourinhoai??i??s tenure at Real Madrid. Though Los Blancos played some ruthlessly effectively, and at times exciting brand of football, the self-styled Special One oftentimes found himself at the center of controversy, especially when FC Barcelona were the opponents.

Desperate times call for desperate measures, or so the saying goes. Frustration is usually the byproduct of underachievement. Well, sometimes itai??i??s homemade. Ever since Real Madridai??i??s president, Florentino Perez, green lit the first Galactico project the Spanish capital club has been under pressure to deliver the 10th Champions League title. In all fairness it must be noted the Merengues did win one Champions League trophy in two terms of Perez thus far (2001-02).

Unlike many of his colleagues Madridai??i??s Perez is a rather visible official. He seldom let the opportunity pass to stress the grandeur and importance of his club, usually at the (annual) unveiling of a highly expensive signing. A Perez speech typically features adjectives such as best, great, and important. Further, according to him the players he signs were meant to play for Los Blancos or as Mr. Perez so eloquently put it ai???born to play for Real Madrid.ai???

One of his more interesting (scandalous?) signings was Luis Figo – at that time a FC Barcelona player. True to form Perez declared Figo was born to play for Madrid, which further soured the relations with la Blaugrana and their supporters. The little fact that Figo wore Barcelonaai??i??s jersey for five seasons prior to joining the Merengues didnai??i??t interefere with Perez narrative.

The then-record ai??i??60 million transfer of Luis Figo from Barcelona to Madrid served as the catalyst for Perez vision of a dominant football team: the Galacticos.

Comparison

Since 2000, Real Madrid has spent more than ai??i??1 billion (ai??i??1,32 billion) on new players. In comparison FC Barcelonaai??i??s accumulated expenses for transfers ai???justai??? amount to a little under ai??i??870 million (ai??i??867,4 million) or 34% below the benchmark set by Los Blancos.

Excluding Ramon Calderonai??i??s presidency during the middle of the 00ai??i??s, Perezai??i?? Madrid still record a hefty bill of ai??i??1,01 billion to Barcelonaai??i??s ai??i??650,5 million. Coincidentally the margins remain the same (the Blaugrana are off 34%).

In Perez two terms thus far Real Madrid has won the Champions League 1x, La Liga 3x, the Copa del Rey 1x, plus 3 Supercopa titles.

Revenue

During the 4 years the presidency of Perez overlapped with that of Barcelonaai??i??s Joan Laporta (2003-2005, 2009), the construction magnate sanctioned transfers worth ai??i??267,6 million net (+31%) to the Catalan politicians ai??i??185,6 million. Yet, the bulk of Perez expenditure (58%) was spent during the 2009 summer transfer window when the reelected president signed off on the biggest shopping spree in football history (ai??i??257,4 million gross).

Expenditure Net

At the time Laporta was elected Barcelonaai??i??s president he found the club in an unfavorable position, both financially and sporting-wise, which makes his accomplishments all the more impressive. Picking upon Perez rhetoric, Laporta didnai??i??t necessarily buy the players that were ai???born to play for Barcelonaai??? but the ones the club needed, if only for a limited amount of time.

Expenditure Gross

Unlike Perez whose initial spending was offset by the dubious sale of Madridai??i??s old training ground at an overinflated price (to the tune of almost ai??i??450 millon), Laporta had to reshape the club after the previous Barcelona administration(s) had spent a little over ai??i??200 million gross (ai??i??94 million net) on largely ineffective players.

Though Perez had a 3 year head-start on his Catalan counterpart, and spent close to a third more money on transfers (ai??i??82 million net) his Galacticos didnai??i??t best Laporta’s Barcelona.

Laporta presided over 1 Champions League triumph, 3 La Liga titles, 1 Copa del Rey, 1 Club World Cup, in addition to 3 Supercopa while Perez was in charge of the Merengues. The original Galacticos and the second inception of that team (2009) didnai??i??t win any trophies during that timeframe.

Perez also hasnai??i??t fared better against Laportaai??i??s successor, and current Barcelona president, Sandro Rosell (2010-????). From 2010 onwards Real Madrid has spent ai??i??341 million gross to Barcelonaai??i??s ai??i??235,5 million, outspending the Catalan outfit by 44%. After deducting player sales though the margin actually increases to 58%. Largely because even though Madrid generated ai??i??157,5 million in sales, Barcelona recouped more (ai??i??119,4 million) ai??i?? relatively – due to their ai???smallerai??? initial outlay.

Although the pair (Laporta and Rosell) donai??i??t see eye to eye nowadays, their track record, at least as far as recruitment is concerned when directly pitted against Florentino Perez is surprisingly similar. Both have spent almost the same amount of money on transfers (Laporta: ai??i??235,4 million; Rosell: 235,5 million). Yet the latterai??i??s coverage ratio is better at 50,7% to Laportaai??i??s abysmal 21,1%. Still, Laporta inherited a team in transition while Rosell took over his frenemies legacy, which included quite a few assets (Lionel Messi?).

Revenue through player sales is the only area that Perez is able to trump over his Catalan colleagues, as his all-time coverage ratio in the transfer market stands at 61,5%. AndAi??61%Ai??in direct comparison to Laportaai??i??s 21,1%, 54% to Rosellai??i??s 50,7%.

Coverage ration notwithstanding, Perez can only lay claim of being the second best president in Spain, from a purely sporting perspective. His Madrid side won 1 La Liga title, 1 Copa del Rey, plus 1 Supercopa. In stark contrast to Rosell whose Barcelona won 1 Champions League trophy, 2 La Liga titles, 1 Copa del Rey, another Club World Cup plus 3 Supercopas.

Though Perez didnai??i??t assemble a bad team by any means ai??i?? he certainly did buy the best money can buy ai??i?? his Madrid outfit hasnai??i??t lived up to the Galactico bill thus far. Frankly, while Madrid hasnai??i??t exactly underperformed, they havenai??i??t been able to meet (their) expectations either. Perhaps the players that were born to play for Madrid arenai??i??t good enough to dethrone Barcelona after all?

Revenue Growth (Deloitte)

Although Real Madridai??i??s on-pitch exploits during two terms of Perez still lack behind that of Barcelona, Los Blancos revenue stream has grown significantly under the Spanish billionaire. Almost all clubs that won the Champions League since 2000 have been featured in Deloitteai??i??s Football Money League except Porto.

Deloitte Money League

Furthermore, Real Madrid is the first club in all of sports to have generated annual revenues in excess of ai??i??500 million (ai??i??512 million for the 2011-12 season). Nevertheless, Barcelona arenai??i??t too far behind at no. 2 with ai??i??483 million (-6%).

Revenue Growth Percentage

The reference points for Barcelona and Inter Milan start with the 2001 and 2002 figures respectively. Out of all Champions League winners since the turn of the millennium, Madrid has had the biggest increase with 371%, but only 16% ahead of Barcelona. Of course itai??i??s relative to the previous size of their turnover, meaning if, say, AC Milan were to triple their revenue within the next 10 ai??i?? 15 years they donai??i??t automatically approach the levels of Real Madrid. Barcelona, however, are in close proximity to their domestic rivals.

From 2000 onwards the respective turnovers of the Champions League winners have grown at least 114% (222% on average, but thatai??i??s due to the math. In reality itai??i??s closer to 160% give or take). Serie A has lost much of its appeal in the wake of the Calciopoli scandal in the mid-00ai??i??s which is one of the many reasons why the Italian sides such as AC Milan or their inner city rivals Internationale couldnai??i??t take advantage of their Champions League glory. Conversely, Real Madrid has successfully increased their turnover despite not featuring in a Champions League final in quite a while, but in conjunction with the ascension of Spanish football as a whole.

Wickedly enough, Barcelona recent dominance coincided with Spainai??i??s rise in international football, as it is the Catalan club that provided the backbone for the sides that won a World Cup in between back-to-back European Championships.

If adjusted for the 2003 figures (when all teams outside of Porto made the Deloitte list and Joan Laporta was elected Barcelonaai??i??s president) the graphic would look significantly different.

RG 2003

Apparently 3 years account for a lot in football. Not only would Madridai??i??s growth shrink (if thatai??i??s the right word anyway) from 371% to 217% (-42%), Barcelonaai??i??s also drops albeit not as steep as los Blancos from 345% to 286% (-20%), FC Bayern would actually gain 3% to 213%. The English and Italian clubs perform all to their previous levels, except Chelsea who also take a massive hit in comparison to the increase between 2000 and 2003.

Champions League Finalists Since 2000

The teams that have won the Champions League since 2009 have spent a combined ai??i??1,04 billion gross (ai??i??677 million net) on player transfers. That would equate to a little under ai??i??40 million gross on new recruits per side that has reached the Champions League final, or ai??i??26 million net.

Aside from the odd fact that all home sides have won the tournament, the winners spent a combined ai??i??544 million gross (ai??i??412 million net) on player transfers. If that sum were to be spread among the winning teams, one would arrive at a total of ai??i??42 million gross (ai??i??32 million net) per club.

Only twice has Florentino Perez spent less than that figure on new players (2003, 2012). On the contrary, Perez regularly spends more than any given Champions League winner (ai??i??57 million, +78%) minus the trophy at the end of the season of course. Barcelona on the other hand has spent ai??i??36 million (+12%) annually, in a comparable timeframe and won the lot twice (2006, 2011).

When taking all into consideration thereai??i??s nothing really exceptional about Florentino Perez presidency, or the Galactico project in particular. On the pitch his sides have been outperformed by Barcelona, in Spain and on the continent. Off the pitch Madrid may have been the first club to generate revenues in excess of ai??i??500 million, automatically qualifying for the no. 1 rank in the Deloitte Football Money League. But none of his accomplishments manuvered Real Madrid in an outright dominant position. Barcelonaai??i??s annual revenue is just 6% off Madridai??i??s, sans the yearly extravaganzas Florentino Perez administration has become known for.

Florentino Perez Real Madrid is big on statements but surprisingly low on substance. After more than a decade (with interruptions) in office, the repetitive tune of Perez ai???we are the bestai??? is wearing thin on the ears of many. 1 billion in player acquisitions and Perez vision of a Galactic future hasnai??i??t materialized yet, except an intergalatic bill.

Long live the King, ahem, president.

Read ai???Financial Analysis On Perezai??i??s Galacticos Policy And FC Barcelonaai??i??s Rise |Ai??Part 2ai??? here

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