The president of Real Madrid and his ball club are receiving more financial aid from the city council, which has been weighed down by nearly 600 million euros in debt and dealing with forecasts of a 15% drop in earnings for this fiscal year. The last time he lead the team, Pérez took advantage of an extremely favorable tax reclassification for the Ciudad Deportiva stadium, where the Cuatro Torres business area is located today. This was extremely a boon for helping him pay off the team's liabilities.
With his new attempt to pay down debt, the parcel of land next to Santiago Bernabéu stadium will be reassessed at half its real worth, which will allow Pérez to remodel the stadium and build a luxury hotel and a shopping center. This is a sweet deal for the businessman, given that the building was valued at 6.5 billion euros when it should be valued at 13.7 billion euros. Further, he is getting another group of properties in various locations in Madrid until reaching the 22.7 million euros that Las Tablas is valued at. Pérez will give this land as compensation to the city council headed by People's Party member Alberto Ruiz-Gallardón.
It is inadmissible that the mayor of the capital, the most megalomaniacal and indebted city council in Spain (in terms of liabilities they win the prize and gave up asking Zapatero to lengthen their payment dates) has no qualms about giving Pérez a real steal on a property in the middle of the Paseo de la Castellana just so the Real Madrid team can play there.
The current economic crisis, which demands austerity and shrewdness in assessing earnings and expenses of administrations, is not the time for handouts that turn in to big wins for the recipient at the expense of the community.
