Euro leagues solvency

I've been reading that the EPL teams lost £496 million (that's $807 million, for the conversion challenged).

But today I read that Spanish banks which are near bankruptcy have asked the European Central Bank for money. When asked what collateral they could pony up, they offered the rights to Christiano Ronaldo and Kaká. ( for $224 million)

Apparently Real could lose these players if the bank goes down. Earlier reports said Caja Madrid ( actually a building society- think the old Savings and loans) and Banco Santander (Largest bank in Spain, Mexico, and South America) loaned $130 million to Real Madrid to sign Christiano Ronaldo and $94 million to sign Kaká. It would seem that RM would have to pay the European bank that money or lose the players if the Spanish banks defaulted.

Wow. First time I ever heard of players financing major banks.


http://www.thisislondon.co.uk/standard-sport/article-23708417-spanish-banks-funding-real-mardid-spending-spree.do

http://www.zerohedge.com/news/football-legend-cristiano-ronaldo-be-used-ecb-collateral