Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Euro MPs question Bale transfer for illegal state aid

18 February 2016, 10:06

Madrid - Three members of the European Parliament have written to the European Commission asking them to investigate Gareth Bale's world record transfer from Tottenham Hotspur to Real Madrid in 2013 on accusations of illegal state aid.

British conservative Daniel Dalton, Belgian Vice-Chair of the Committee on Economic and Monetary Affairs, Sander Loones, and Ramon Termosa, of the Spanish Convergencia party, have raised concerns that Spanish banks bailed out by European taxpayers provided guarantees for the transfer fee.

A leaked report from whistleblowing website Football Leaks revealed last month that Bale cost in excess of 100 million euros ($109 million, 77 million) despite Madrid previously insisting the deal was worth 91 million euros.

"Promissory notes were issued to Tottenham Hotspur, which subsequently seem to have been sold on to Spanish banks, which have now ended up assuming the risk for Bale's record-breaking transfer fee," read the question form signed by all three MEPs on Wednesday.

Also Read: Ronaldo, Jese on target as Real beat Roma

"Is it correct to state that bailed-out Spanish banks were offering promissory notes to Tottenham to act as a guarantee, thereby indirectly putting the liability on the Spanish and European taxpayers?"

In 2013 Dutch MEP Derk Jan Eppink claimed one of the banks involved in the agreement was Bankia, which had been bailed out to the tune of 18 billion euros by the European Stability Mechanism.

"This would indirectly transfer the cost of the transfer to European taxpayers constituting illegal state aid," Tremosa added in a statement.

"Real Madrid are the world's richest football club and if it has used a state owned bank, owned by taxpayers to guarantee multi-million pound record transfer fees, then it is clearly something the EU should look to address to ensure there are no unfair competitive advantages given to football teams supported by taxpayer-funded financial institutions," Dalton told the Daily Telegraph.



Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...