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Barcelona Fail To Pay Player Wages For June

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http://news.bbc.co.uk/sport1/hi/football/europe/8797183.stm

Barcelona failed to pay their players at the end of June, club president Sandro Rosell has revealed.

Rosell, who succeeded Joan Laporta at the financially troubled Catalan outfit last week, also said a loan of about £125m had been secured to pay wages.

"We found a club in debt, with liquidity problems. At this point we have to take a loan to pay the wages of the players," he told Sport.

But Rosell said Barca can still afford Arsenal midfielder Cesc Fabregas.

Barca recently sold defender Dmitro Chygrynskiy to Shakhtar Donetsk for about £12.5m to help raise much-needed funds, even though coach Pep Guardiola had been keen to keep him. They also sold Ivory Coast international Yaya Toure to Manchester City for about£20m.

However, Rosell has moved to reassure worried fans that Barca's problems are under control and that the process of securing a loan had already started under the previous board.

"The banks know that we have a business plan that will allow them to recover the money. The club is not bankrupt because it generates income," he added.

"The members shouldn't be afraid because it is under control. We must resolve this tension.

"It can be done in two ways: to have extra income, like selling Chygrynskiy, and/or taking a loan, which is what we have done.

"The previous board had already begun this process. We followed the same path - the same banks, the same target but with a different business plan. They [Laporta's board] also knew they needed this credit."

And Rosell even claimed that over 50m euros (about £41m) would still be available to spend on new players.Despite their financial issues, Barcelona have been pursuing Arsenal star Fabregas for some time and recently signed Spain striker David Villa from Valencia.

Rosell intends to meet Gunners manager Arsene Wenger in South Africa shortly to discuss a deal for Fabregas, who started his career at the Nou Camp.

"It's now or never. We'll do it fast. It won't be protracted," said Rosell.

"I'll try to see Wenger in South Africa, then we'll tell you what happens.

"We would not pay the 50-60m euros that I have read about. If Arsenal do not go crazy, he might play at Barca.

"There will be 50m euros to sign more players. This is the case every year. This is our plan for the future.

"Technically, as of now we have 50m euros plus 15 for Chygrynskiy and 24 for Toure. In total, 89m euros (about £75m)."

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One after another.

There's only so many times you can find a greater fool to take on the debt, only so many times you can get banks to lend you more money, and only once can you sell your ground.

File under Portsmouth, Cardiff, Liverpool and Man Utd. None of them will actually go bust as the liquidators will always be able to sell the name and league position for a few quid, but for them all an inexorbale slide beckons. They have spent money they didn't have and are now stuffed.

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"The banks know that we have a business plan that will allow them to recover the money. The club is not bankrupt because it generates income," he added.

Excellent, it's a sound business because if you generate income you can't go bankrupt.

Why haven't we got more people like this running the world economy.

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Excellent, it's a sound business because if you generate income you can't go bankrupt.

Why haven't we got more people like this running the world economy.

I can't believe they are still going for Fabregas. They admit they are in severe financial dire straits and yet still expect to find 40M?!?

Loopy.

If I were the Arsenal I would insist on cash up front.

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http://olesiafx.com/Rich-Dad-s-Guide-To-Investing-What-The-Rich-Invest-In-Robert-Kiyosaki/43.Why-do-rich-people-go-bankrupt.html

After my stories about making millions and losing millions, I am often asked an important question, “Why do rich people go bankrupt?' I offer some of the following possibilities, all from personal experience.

Reason #1: People who have grown up without money have no idea how to handle a lot of money. As stated earlier , too much money is often as big a problem as not enough money. If a person is not trained to handle large sums of money or does not have proper financial advisors, then the chances are very strong that they will either stash the money away in the bank or just lose it. As my rich dad said, “Money does not make you rich. In fact, money has the power to make you both rich and poor. There are billions of people each day who prove that fact. Most have some money but they spend it only to get poorer or greater in debt. That is why today there are so many bankruptcies being reported in the best economy in history. The problem again stems from people receiving money and then buying liabilities they think are assets. In the next few years, I am certain that many of today's young or instant millionaires will be in financial struggle because of their lack of money management skills.

Reason #2: When people come into money, the emotional euphoria is like a drug that boosts your spirits. My rich dad said, “When the ‘money high' hits, people feel more intelligent, when in fact they are becoming more stupid. They think they own the world and immediately go out and start spending money like King Tut with tombs of gold.”

My tax strategist and CPA, Diane Kennedy once said to me, “I have been an advisor to many rich men. Just before they go broke after making a ton of money, they tend to do three things. One, they buy a jet or big boat. Two, they go on safari. And three, they divorce their wife and marry a much younger woman. When I see that happening I begin preparing for the crash.” Again, much like reason number one, they buy liabilities or divorce an asset, which then creates a liability, and then they marry a new liability. They now have two or more liabilities.

Reason #3: When you have money certain friends and relatives tend to become closer. The hardest thing for many people is to say “no” to people they love when they ask to borrow money. This has not happened to me, but I have seen many families and friendships break up when one person suddenly becomes rich. As rich dad said, “A very important skill in becoming rich is to develop the ability to say ‘no' to yourself and the people you love.” The people who come into money and begin buying boats and big houses are not able to say “no” to

More at the link.

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I'm sorry, but if I'm in the bar celebrating my future millions and one of these comes up to me then why not? You only live once and you can't take it with you.

Link removed. I wonder if it may destroy your computer if you click on it.

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  • 258 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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