SOCCER/News round-up: When the men in suits from Old Trafford and the Bernabeu shook hands over a deal for David Beckham, only the representatives of Real Madrid could reflect on a sound piece of business.
The Spaniards are happy because they expect to recoup their fee within two years but, privately, Manchester United are furious with themselves for being manoeuvred into a position where they had to accept a cut-price bid.
United's fans are entitled to be aggrieved by the news that a figure close to £18 million is being mooted, rising to £25 million based on appearances in the course of a four-year contract.
The package is markedly lower than United's initial £30 million asking price and the club are bracing themselves for accusations they have let Beckham go on the cheap - with a £4 million pay-off thrown in for good measure.
Certainly, Real bargained from a position of strength, knowing there was no reason for them to match Barcelona's £23 million offer, rising to a possible £30 million in performance-related payments.
Beckham could hardly have made it clearer he did not entertain the idea of moving to Catalonia and his relationship with United has deteriorated to the point where it is inconceivable he could have remained at the club.
All of which left Real in a position where they could bid less than other clubs, and deliberately lower than the player is worth, because they know nobody else has the same pulling power.
This is in stark contrast to the summer of 2000, when Real began their current era of dominance in the transfer market with the £37 million purchase of Luis Figo from Barcelona. Real followed this by bringing Zinedine Zidane from Juventus for an outlandish £48 million a year later. It was their last dalliance with extreme profligacy. After the 2002 World Cup, won with Ronaldo's goals by Brazil, Madrid were able to lure him from Inter for a mere £23 million and have now captured Beckham, the world's most marketable footballer, for a broadly similar amount.
In doing so they have raised serious questions about the Old Trafford board, in particular the suspicion that, when it comes to negotiating the really big transfers, their powers of persuasion are open to criticism.
Last summer Leeds managed to increase the price for Rio Ferdinand from £20 million to a performance-related high of £33 million and, a year earlier, Lazio took £29.1 million of United's money for Juan Sebastian Veron.
At £30 million, Beckham would have been a "snip," according to Charles Travail, the European chief executive of Future Brand, a company that specialises in brand marketing. So to get Beckham at a significantly lower price, Real can look forward to the England captain making them some serious money.
Within a year of the Spaniards signing Zidane they had sold 480,000 replica shirts with his name on the back, making them £14.4 million even after manufacturing expenses had been taken into account.
Real know by clinching Beckham's signature they can tap into the Far East market, and his global popularity guarantees his shirts will outsell those of any other footballer.
If, for example, 550,000 are sold, a £30 profit on each would make Real £16.5 million. Even if Beckham's annual salary and image-rights payments are increased from his current £5.24 million to £6 million, that still represents an annual profit of more than £10 million.
None of this takes into account the additional power Beckham's arrival would give Real in negotiating with sponsors.
United's argument is that Beckham could leave on a free transfer in the summer of 2005 and so far that has been good enough to appease their fans.
Yet that was on the basis they would receive around £30 million and, slowly but surely, it has become clear that Real have been calling all the shots.
- Guardian Service
