How a club in so much debt'll manage paying over 115 million euros for Tottenham hotspur's Gareth Bale is still a source of concern to a lot of analysts, with a debt standing of €590million? Arsenal's Arsène Wenger said it was "a joke" that Madrid would spend so much in the same season that FFP was introduced. Real Madrid are well known for being keen to pay their transfer fees in instalments – hence why Tottenham are still owed money for Luka Modric and while Real's debt is often quoted as €590m and they remain under investigation by the European Commission over a land deal with the city council, that figure measures their entire liabilities.
Under the accounting measures employed by English clubs, the blogger Swiss Ramble worked out last year the figure would be €146m – less than Arsenal or Manchester United. Under the FFP rules, clubs are allowed €45m leeway over the first two seasons and can also disregard deals signed before the rules were announced. Even if they fall foul, if they can show a positive "direction of travel" it will act as mitigation.
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