Sports / Soccer
Cristiano Ronaldo and Kaka to be used as Collateral
31 Jul 2011 at 15:59hrs | Views
Spanish bank Bankia did indeed put up soccer superstar Cristiano Ronaldo, as well as Real Madrid teammate Kaka, as collateral as they try to secure loans from the European Central Bank (ECB), and the reasoning for doing so is actually quite plausible.
The most expensive footballer in history may now be used to guarantee the solvency of a Spanish bank. "Ronaldo in the bailout fund,".
Bankia helped finance Real Madrid's acquisition of Ronaldo and Kaka by loaning the club 76.5 million euros (approximately $111 million), which went towards the 100 million euros paid to Manchester United for Ronaldo, and the 60 million euros given to Milan AC for Kaka.
Therefore, to ensure that the ECB would actually give them the borrowed moneys their asking for, Bankia put up two of their most valuable assets - Ronaldo and Kaka. Which means that if Bankia defaults on the loan, the Real Madrid stars would in fact, become property of the ECB.
The most expensive footballer in history may now be used to guarantee the solvency of a Spanish bank. "Ronaldo in the bailout fund,".
Therefore, to ensure that the ECB would actually give them the borrowed moneys their asking for, Bankia put up two of their most valuable assets - Ronaldo and Kaka. Which means that if Bankia defaults on the loan, the Real Madrid stars would in fact, become property of the ECB.
Source - Goal
