Real Madrid president Florentino hits back at Barcelona over spending

Real Madrid president Florentino Perez has hit back at Barcelona claims of 'arrogance' over his massive spending spree.

After Kaka's stunning signing ceremony last night, Perez said: "We have not been arrogant. Since I was a child, when my club signed Alfredo di Stefano, Real Madrid has always endeavoured to sign the world's best players."

"The name-calling doesn't bother me. It just makes me more motivated."

"Madrid is not a nobody, it is made up of members and has shown a spirit of sacrifice, respect for opponents, fair play ... we are closer to humility than arrogance."

"Spending such money is not a waste, but an investment."