Football folly

摘要

In july, Real Madrid, one of Europe's elite football clubs, agreed to pay another club a record $56m transfer fee for a striker, Luis Figo. Meanwhile, on its chairman's desk lay a consultants' report doubting the club's financial viability. This week its new chairman revealed the figures: a $38m deficit in a budget of $111m, and debts of $248m. Such is the loony world of European football finance. Into it has marched the commission of the European Union. If it gets its way—as it largely will—the madhouse will become loonier still.