Real's economic independence guaranteed says Perez

An impressive growth in income, in particular from improved marketing, is allowing Real Madrid to retain its economic independence according to club president Florentino Perez.

"We want Real Madrid to remain a club that belongs to everyone," Perez told a meeting of the club's members on Sunday.

"But in order to compete with clubs that have owners who give them all the money they want we have to adopt an economic model that will give us enough income to cover all our outgoings."

"Our aim is to be a universal club and that means attracting more fans from around the world to make us stronger. Real Madrid is not obsessed with economic results alone, but our economic stability will guarantee our freedom in the future."

Perez, who heads one of Europe's most powerful contruction empires, said that the club's ordinary income had increased by almost 17 percent in the 2004-2005 season and was expected to rise by another nine percent in the current campaign.

Close to 45 percent of income was generated by marketing by the club's commercial department helping the club post an after-tax profit of some six million euros last season.

"The accounts demonstrate the economic transformation that this club has undergone since the year 2000," said Perez.

"Our economic power and the position of solvency in which we find ourselves has allowed us to make big improvements in our infrastructure and also sign some of the biggest names in football."

Over 95 percent of the members present at the meeting gave their approval to Perez's economic administration of the club.

According to the Real Madrid accounts, the club has invested some 500 million euros ($602.2 million) on new players since Perez took over the club five years ago, with salaries accounting for some 800 million euros ($963.4 million).

Luis Figo, Zinedine Zidane, Ronaldo, David Beckham and Robinho are amongst the leading players that have joined the club since 2000.

The spending spree was largely financed by the sale of the club's city centre training ground to the Madrid local authority for 480 million euros ($578.1 million).

Real are in the process of constructing a brand new out-of-town training facility, part of which was opened last week, and have spent 127 million euros ($152.9 million) on improvements to its Santiago Bernabeu stadium.

Last season, club salaries ate up some 52 percent of the club's income, although Perez said the figure was expected to drop to 47 percent for the present campaign.

Real have not won a major trophy in the past two seasons, but Perez said he was convinced the club would soon make a return to winning ways.

"Our present squad is stronger and more balanced than before and is anxious to win trophies again," he said. "We've got a spectacular team and we are going to be up there fighting to win everything."