Last week, Real Madrid shocked the football community with their audacious raids in the transfer market. The arrival of Kaka and Cristiano Ronaldo, both winners of Ballon d’Or and FIFA Player of The Year, cost a cool £150 million.

Coupled with two other record fees , Luis Figo (a £37m purchase from Barcelona) and Zinedine Zidane (a £47m deal with Juventus), that is £220m on just four players. To put things in perspective, George Gillett and Tom Hicks paid just under that amount for Liverpool FC in a leveraged buyout.

Obscene money which distorts fair play, UEFA President Michel Platini says, but he ain’t see nothing yet. Rumors are rife that another six players (David Villa, David Silva, Xabi Alonso, Maicon, Franck Ribery, Raul Albiol) are on the way and the budget may balloon to more than £262m, easily eclipsing the lavish £217m spree by Roman Abramovich at Chelsea from 2003-2004.

If you developed queasy feelings of deja vu, it is understandable. After all, this is Florentino Perez’s second attempt at creating the Galacticos. Instead of recruiting world-class talents every summer during his first experiment, Perez has fast-tracked his burning ambition to see Madrid’s football recover “their place in the world.”

When Florentino Perez came into power at the Santiago Bernabeu in 2000, Real Madrid had just won the European Cup but not one to settle for mediocrity, he embarked on a breathtaking vision to assemble the best talents the world has ever seen.

This time round, Real Madrid finished nine points behind Barcelona and was eliminated from the Champions League at the first knockout stage for the fifth successive season. The abject failures stood in stark contrast to the fortunes of their arch rival.

Never before has a treble (La Liga, Champions league and Copa del Rey) been achieved in Spanish football, yet Barcelona scaled the pinnacle in Pep Guardiola’s debut managerial season – at Madrid’s expense too after a humiliating 6-2 derby defeat. Real Madrid had no reply to the attacking guile and midfield dominance of Barcelona. Each goal was a stab in the heart and rendered an impressive run of 17 victories in 18 games irrelevant.

What if Barcelona go on to achieve the unprecedented honor of retaining the Champions League title next season? Given the intense political, cultural and football rivalry between both clubs, the echelons of power in this fabled institution cannot stand aside and witness the ultimate glory of Barcelona.

Like any true-blue Real Madrid fan, Florentino Perez is anxious about the decline in the club’s prestige and desires the passion of being a Madridista to return. Soon after his re-election as President of Real Madrid, he set about the familiar task of breaking the bank and recruiting super players to level the playing field. His clarion call for Real Madrid to “do in one year what we would normally do in three,” signals his intention to deliver within a tight schedule.

Florentino Perez has a clear mandate to do the necessary and why not, after all, he is a proven success. You don’t buy a bankrupt construction company, and transform it into a multi-billion conglomerate, ACS, by ignoring project schedules and making empty promises.

Perez is particularly suited to the wheeling and dealing of business and football as he possesses acumen, charisma, political connections, enterprise, and persistence. Unfortunately, these qualities were found to be sorely lacking in his counterpart, Ramon Calderon.

There is little love lost for Ramon Calderon who had been accused of vote buying and skimming money from the vault when players were purchased. He was no slouch in spending money but his signings hardly qualify as the cream of the crop and no Spanish players were purchased.

Calderon’s saving grace was to claim some credit for the purchase of Cristiano Ronaldo. He hinted that the dirty work was done during his time: “Last season United decided not to do it because they thought it was too early and instead everyone agreed to do it this season. He [Ronaldo] wanted to come, he said that many times.”

Now, even if Perez took credit for Calderon’s work, there is no denying his ability to make things happen. His mantra being that money is no object and deficits don’t matter. Los Merengues can feel a twisted sense of pride and satisfaction to outbid Russian mogul Abramovich on all his targets, doing what Manchester City sheiks cannot by buying Kaka while they only have Gareth Barry to show for their ambitions next season, and finally Alex Ferguson, manager of one of the richest club (in terms of revenue), being forced to sell his prized asset.

To be sure, money is not the only consideration. Perez conceded that Real Madrid cannot match the financial prowess of Chelsea and Manchester City as they don’t have rich people to put money into the club. Footballers are attracted like moth to candlelight because of Madrid’s rich tradition of European and domestic triumphs as well as Perez’s personal charms.

You can see Perez’s brilliant mind at work with his creative financing and daring projections of future revenue streams for Real Madrid. Last time he wiped out Real Madrid’s debts in one fell stoke by selling off the club’s training ground for £298m to the city council. He has cash left over from clearing debts and use it to finance transfers.

This time, he managed to secure a credit line with Catalan bank, La Caixa. Against the backdrop of mounting bad loans for Spanish banks and limited access to credit for businesses, one has to marvel that Real Madrid has sponsors lining up to facilitate their transfer orgy.

The fact that Real Madrid is too big to fail certainly helps. The corridors of power in Spain will not risk the social and political fallout from pushing Real Madrid into bankruptcy, thus any banks holding the debts of Real Madrid are relatively safe.

Barcelona’s economic director, Xavier Sala-i-Martin, is baffled by the financial logic behind Perez’s grand Galaticos project. “I do not know where the 300m euros that Florentino Perez thinks he has for signings actually comes from. He says he will recoup it by selling replica shirts and so he will have to sell 30 million of them. That is impossible.”

But Perez saw no need to answer such trivial questions. His gamble on expanding revenue streams were successful in the past. According to the club, Madrid’s annual income had doubled in three years from 2000 to 2003. David Beckham’s four-year stay in Spain boosted sales of shirts and memorabilia by 137%.

More importantly, Real Madrid overtook Manchester United by £32.5m as the richest club in the world in terms of revenue in 2008. They are keen to improve on last year’s “meagre” £102m in commercial revenue and £16.8m for reaching the first knock-out stage of the 2007-08 Champions League. In fact, the arrivals of Kaka and Cristiano Ronaldo have already sent number crunchers into overdrive. A fresh report predicted an additional £107m a season to Madrid in revenue from the pair.

Real Madrid have also benefited from La Liga’s policy of allowing football clubs to negotiate individual contracts with broadcasters. Clearly, the incentive is for clubs to amass and leverage on world class talents to extract more TV revenue. The club also has the advantage of owning their own stadium and earned £80m in match day revenue in 2007-08.

It is futile to argue with Perez as statistics have bore out the fact that the Galacticos policy is indeed successful in generating commercial benefits and reviving the marketability of Real Madrid brand.

As Mark Twain once remarked that there are three kinds of lies: lies, damn lies, and statistics. So there were few critics when Perez defended the Galacticos policy as a model that feeds itself. He considered “Zidane was a cheap signing as his arrival allowed new commercial deals and new arrivals.”

Moreover, the fans have derived huge entertainment by seeing a dream team in action. Football can be intoxicating when it is played beautifully, with fluid passing, silky dribbles, cheeky back-heels, heart-stopping goalmouth actions and extraordinary goals.

There is little wrong in giving football fans what they desire, solid entertainment for 90 minutes and then leaving the stadium with a smile on their faces. The entertainment value is well worth the money. Ask Sepp Blatter.

However, it is debatable if the Galacticos policy is the right way to attain football supremacy. Or is it another “insane” attempt (where insanity is defined as repeating the same procedures and expecting different results)?

Notwithstanding Real Madrid’s irresistible appeal, I doubt if the influx of galacticos has imbued the team with an aura of invincibility and struck fear into their opponents. We all know how the first version of the Galacticos fared. Let’s do a quick review.

Real Madrid purchased four winners of the Ballon d’Or: Luis Figo, Zinedine Zidane, Ronaldo and Michael Owen. However, the awards were not achieved in a Madrid shirt. The implication being that these prima donnas peaked before arriving at Santiago Bernabeu or the concept of the whole being greater than the sum of its parts did not materialize.

Initially, the policy did pay off as Real Madrid won two league titles and one Champions League title. Zidane who had already unleashed his talent as Juventus playmaker, gained a higher profile by orchestrating the Madrid midfield and scoring impossible goals. The Brazilian Ronaldo was a goal scoring machine, terrorizing defences and hitting the back of the net for fun, thanks to the effervescent Zidane.

Then there was Figo on the right flank, who could leave any defender stranded with his dribbling skills. Roberto Carlos was blazing up and down the left flank tirelessly and scoring 30 yard screamers regularly. Makelele, arguably the best defensive midfielder, also showcased his defensive ability and his short, simple passes to link up the potent strike force.

With Luis Figo and Zinedine Zidane in Real Madrid’s pulsating midfield, it was easy to see why Real Madrid created chances effortlessly and scored so many goals. Unfortunately, good times don’t last and cracks started to appear.

When another superstar, David Beckham, arrived (he left Manchester United as Alex Ferguson doesn’t appreciate the media circus), jealousy and selfishness abound. The egos in the dressing room were slighted that this pin-up footballer is now the center of attraction. Yes, Beckham serves up accurate long range boomers and swerving free kicks, but he has little else to offer.

Vicente Del Bosque (coach of Real Madrid at that time) was losing control of the Galacticos of Real Madrid because he cannot satisfy everybody all the time. He has to rest certain players in order to refresh the squad or adjust his strategies as circumstances dictate, while an Englishman played more than he deserves due to TV revenue and sponsorships.

It was a tough act to follow and a recipe for disaster. Players like Zidane and Figo consider it an affront to sit on the bench and disliked being played out of position. But that is what the squad had to do to accommodate David Beckham. To fit in all the Galacticos, the versatile players usually bear the brunt of the changes.

Figo is a right winger while Zidane, playing in the middle, is the soul of the team. With Beckham alternatively given the center or right midfielder role, you can imagine the hostile feelings being bottled by the existing Galacticos when their favorite spots are up for grabs.

Perez was oblivious to the simmering discontent and continued to buy attacking, attractive players who had little defensive talents and that led to a porous backline for Real Madrid. The Galacticos policy saw its greatest irony in 2003 when Real Madrid plumped for David Beckham rather than Ronaldinho because the former is more appealing while the face of buck-toothed Ronaldinho was deemed as a laughing stock and may degrade Real Madrid’s brand.

Well, we all know what an attacking talent Ronaldinho was. He proved his mettle by leading the resurgence of Barcelona to two straight La Liga titles and a Champions League Title as well as humiliating England in the World Cup. David Beckham can sell shirts but an attacking talent he is not. Period.

Unfortunately, the joke on Florentino Perez doesn’t end with the Ronaldinho saga. Sameul Eto’o was a Real Madrid player, but Perez sold him to Mallorca, who then profited by selling Eto’o to Barcelona where he would go on and become the top striker in the world. Just imagine what will happen if Eto’o had joined Raul and Ronaldo in a triumvirate of strikers much like the current Barcelona front line.

The attacking talents which Perez let slip from under his nose because he yearns for established stars, was not the biggest failing of the Galacticos policy though. I will say Perez’s reluctance to pay world-class defensive players high salaries was the foremost reason which eventually lead to the destruction of the team.

When Claude Makelele demanded an improved contract after David Beckham came in and disrupted the wage structure, Perez showed him the door, together with Vicente Del Bosque. The arrival of Beckham and the departure of Makelele to Chelsea marked the downfall of the Galacticos.

After the sacking of Del Bosque, the internal strife in Real Madrid worsen and they could barely function as a footballing unit. Although Real Madrid still had the best attacking players in the world, they lacked solid lacked defensive cover and even if David Beckham did not slag off his defensive duties, he has his limits.

The many frustrations eventually saw Luis Figo left the club to join Inter Milan after he was not given a two years contract by Real Madrid which he wanted. Michael Owen also left in the same season (2004-2005).

Things finally came to a boil and Perez realized that the Galacticos policy was not paying off. After his beloved club sank to an all time low in the 2005-2006 season, exiting in the UEFA Champions League to Arsenal F.C. in the round of 16 without scoring a goal in either leg, he stepped down as the President.

Lessons must surely have been learnt from the failure of the original Galacticos, even if Florentino Perez will only admit his mistake as having walked away from the mess. Does Perez now realize that it is more important to build a balanced team with attack and defense, and not just to sign players because they have mass appeal or that they had won football awards in the past? The best could be behind these players and that is why their former clubs release them.

To be sure, the city of Madrid loves both superstar signings Perez had made. Kaka and Cristiano Ronaldo were the souls and inspiration of their former teams. The ‘golden boy’ of AC Milan was the perennial crowd favourite and it seemed that Milan is now on a slippery slope of decline with the sale of Kaka.

Cristiano Ronaldo was the ultimate entertainer at Manchester United and boy, did he play with panache and creativity. Like his predecessor, David Beckham, Ronaldo combined athletic prowess with a bad-boy appeal to create a unique brand in its own right.

In terms of sheer talent and technical ability, both are surely amongst the best players in the world who can change a game in one moment of brilliance. Being technically gifted players, they are expected to thrive in La Liga. Serie A is too stifling and Premier League clubs are often too physical and love their long balls.

However, Real Madrid had to contend with injuries to their prized assets. Two seasons ago, Ronaldo scored an exceptional 42 goals in all competitions – no mean feat for a winger. While nobody expected him to repeat the feat, he had a late surge in form in April and May to end his season on a high. Niggling injuries led to a slight dip in Ronaldo’s form and it is uncertain how the player will recover from his sports hernia.

As for Kaka, he suffered his own bout with injury and had struggled to find consistency on the pitch, although, just like Cristiano Ronaldo, he did finish the campaign strongly. With injuries in mind, Kaka’s age (27 years) does present an added concern, but even in his late twenties, the Brazilian is one of the most skillful players in the sport, especially when running with the ball at his feet.

Ronaldo is stronger and street-wise than Kaka after thriving in the Premier League. Depending upon how Real Madrid manager Manuel Paellegrini aligns them, they could play in very close proximity, with Ronaldo playing high up on the wings or functioning as a fox in the hole while Kaka plays as an attacking midfielder.

The Brazilian national side is not devoid of strikers but Kaka was often deployed behind Robinho, and it worked to superb effect. Real Madrid fans will salivate at how the the Brazilian will pair with Cristiano Ronaldo. But there is the pertinent question of whether Kaka and Ronaldo can work together seamlessly?

Already, Cristiano Ronaldo refuses to share the limelight with Kaka and wants a separate occasion to be unveiled as a Real Madrid player. He also demanded outrageously higher wages to distinguish himself from Kaka. Ronaldo will earn a flat wage of £6.8m a year plus substantial add-ons and image-rights payments.

Kaka’s agent (his father) cannot be described as subtle when it comes to asking for money, so you can expect the wage structure in Real Madrid to be tested like never before, especially when Kaka outperform Ronaldo in the first season.

If both superstars are more interested in pursuing individual glories rather than team success, Manuel Paellegrini will have a very short career as Real Madrid manager. I doubt he will be given a full season to prove himself, especially if Real Madrid are languishing in mid-table by December.

Pep Guardiola was so successful in his first season because he cleared off the deadwood and surrounded himself with players with the right attitude – those who are willing to fight for him and adhere to his work ethics and strategies. More importantly, the unwavering support of the Barcelona board who sides with the manager instead of the players.

Real Madrid have also not bolstered their defensive midfield spots and the lack of another quality goalkeeper to replace Iker Casillas should he get injured are potential trouble spots. Xabi Alonso would be a great addition – because he is disciplined and can run a game from deep. Playing him next to Lassana should be a natural choice for Pellegrini, provided Liverpool are willing to sell.

Right now, Real Madrid have an attacking midfield of Robben, Kaka, and Ronaldo but you will be hard pressed to see any of these players making a tackle.

While Real Madrid adopts a system of being the richest bidder who pluck the blossoming fruit off the mother tree, Barcelona is on a totally different plane as they painstakingly cultivate their own seedlings.

When it comes to building a team, I believe Barcelona win hands down. They won the treble, inspired by Guardiola’s philosophy of attacking possession football and with a largely homegrown squad in which 7 players of the starting 11 were products of their youth system (Victor Valdes, Carles Puyol, Gerard Pique, Xavi, Andres Iniesta, Sergi Busquets, and Lionel Messi).

If I were to choose between building up players from youth teams or buying the end products, without a doubt, Barcelona’s system is the best and should be the model for all football clubs. I keep my fingers crossed on whether Real Madrid can spend its way to football supremacy.

Much has also been made on the tectonic shift in power to Spanish football. There is no doubt about Spain’s standing as as one of the finest team in international football. In the Champions League, Barcelona demolished former champion, Manchester United, in Rome, which was a further proof of the quality of Spanish football.

For the past few seasons, Premier League teams have proceeded beyond the quarter-finals and ensured a strong English presence in the semi-finals and finals. The Premier League also basked in the glory of being the most watched league among Asian TV viewers.

However, the transfer moves by Perez could severely disrupt the mass appeal of the Premier League. We will know the answer soon if the Champions League will feature another four Premier League clubs or the world’s attention will just revolve around Barcelona and Real Madrid.

In any case, next season will promise lots of fireworks. Stay tuned for more updates.

Cristiano Ronaldo dos Santos Aveiro, FIFA World Footballer of the Year 2008. Already crowned European Footballer of the Year 2008, Ronaldo added to his trophy collection with the ultimate accolade for any footballer. Born in 1985 in Funchal, Madeira, Ronaldo has reached the peak of his profession in just a few short years.

The World Footballer of the Year award is voted for by coaches and captains of the world’s international football teams. Each coach gets three votes, the player voted the top player by the coach gets five points, the second three and the third player one point. The winner is simply the player accumulating the most points. There is also an award for the best female player in the world.

The men’s award was introduced in 1991 and the women’s award a decade later. Historically, the men’s award has been dominated by European based Brazilian players, winning eight out of the eighteen titles. The 2008 winner, Cristiano Ronaldo beat Kaka of Brazil, last years winner, into second place. Third place went to Argentina`s Lionel Messi, followed by Fernando Torres of Spain and Xavi, also of Spain.

Cristiano Ronaldo joined Sporting Lisbon at the age of twelve, making his debut at the age of seventeen, when he scored two goals on his first team debut. Sporting won the championship in that season, and was already attracting a posse of scouts from the major clubs.

However, it was not until Sporting beat Manchester United in a pre-season friendly that the British press sat up and took notice. Ronaldo was mesmerizing in the friendly match and by half time the Manchester United players were trying to persuade Sir Alex Ferguson to buy the young Portuguese winger.

Sir Alex agreed and Cristiano Ronaldo joined Manchester United for 18m Euros. He was so highly thought of that he was given the famous Number 7 shirt, worn by legendary Manchester United players including George Best, Eric Cantona and David Beckham.

That season he wowed the fans with his blistering speed, fancy trickery and heading ability. In his first season he won the Man of the Match award in the FA Cup final, and was voted the Sir Matt Busby Player of the Year award by the Manchester United fans.

Over the next three seasons he managed to increase his goal tally, reaching double figures for the season in 2005/06. He was becoming physically stronger and had developed the ability to play on both wings. Although he had a controversial World Cup in 2006, Ronaldo contributed 23 goals in 49 games, in the league and probably just as important assisted in another 20 goals as his teamwork drastically improved.

The 2007/08 season started with a sending off in the second game of the season. Cristiano Ronaldo duly returned to play against his old club Sporting Lisbon, scoring the only goal in the first leg and an injury time winner in the second leg. Ronaldo finished by gaining second place in the European Footballer of the Year awards, the Ballon d`Or, coming second to Kaka, and third in the FIFA World Footballer of the Year behind Kaka and Lionel Messi.

On 12th January 2008, Ronaldo scored his first ever hat trick for Manchester United as they beat Newcastle United 6-0 to go top of the Premiership. He would shortly match his previous seasons goal tally with his twenty third goal of the season in the 2-0 win against Reading.

Cristiano Ronaldo was given the captain’s arm band as Manchester United played Bolton,beating them 2-0, with Ronaldo scoring both goals. This was the game where he beat George Best’s record for a Manchester United midfielder by scoring his thirty third goal of the season.

Manchester United played Chelsea in the Champions League final where he scored after twenty six minutes. Chelsea scored on half time, and the match played out to a 1-1 after extra time.So, to penalties. Christiano Ronaldo thought he had lost the match for Manchester United as he missed his penalty. Needing only to score to win the match for Chelsea, captain John Terry slipped on the run up, and Manchester United were champions once again.

Although there have been ongoing reports that Real Madrid were about to sign the Portuguese star, Ronaldo has remained a Manchester United player, and has recently committed his future to the Red Devils.

During 2007/08 as United won the UEFA Champions League title as well as the Premiership and with Ronaldo winning the European and World Footballer of the Year, leading Dutch legend Johan Cruyff to claim that Ronaldo was better than Manchester United stars George Best and Denis Law. By the end of the 2007/08 season Ronaldo had amassed 42 goals, just four short of the Manchester United record number for a season.

Cristiano Ronaldo’s strength is his ability to be skillful at speed. His trademark step overs have been copied by young players all over the world, but few can perform them whilst running flat out against an opponent. Bobby Charlton once remarked that the step overs were embarrassing at first, and certainly he was accused of being a “one trick pony”, but since then, as he has grown older, so with it has come an extra physical strength and maturity.

Ronaldo’s speed of thought is often as effective has his physical speed. His dedication to football has allowed him to develop other skills. He is a master of dead ball situations, and his free kicks are often repeated on television, simply because of their spectacular technical brilliance. Ronaldo also has the added plus of being an excellent header of the ball. He is is simply one of the most skillful players of his generation.

As the legendary Pele handed Christiano Ronaldo his award as World Footballer of the Year, few would bet against him winning again, and one day we may see a young player receiving an award from Christiano Ronaldo, the greatest player in the world.

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Cristiano Ronaldo scored twice as United beat Fulham 2-0 at home on Monday to restore some respectability to their league standing. Arsenal still lead the pack with 36 points with a game in hand while Manchester United have 33, Chelsea 31, Liverpool and Manchester City 30. The victory was United’s seventh in a row at home in all competitions.

In the 10th minute, Cristiano Ronaldo scored the opener, volleying the ball into the top corner from Vidic’s header. It was his 12th goal and seventh in the league. Barring any injuries, I believe he is on course to score at least 20 goals this season, an impressive achievement by most standards, especially for a midfielder.

Coming in as runner up to Kaka in the Ballon d’Or has turned out to be a strong motivating factor for Ronaldo. He began the work needed to win over the neutrals for next year’s award with a sparkling performance right away. Indeed, at a time when United needed goals, he answered the call of duty with a brace 13 minutes into the second half after heading in a John O’Shea’s cross.

Manchester United could have sewn up the match in the first half if they had been less wasteful. Carlos Tevez missed a hat-trick, twice heading wide inside the six-yard box and twice forcing point-blank saves from keeper Niemi. Wayne Rooney, in his first match for a month following injury, fluffed a good chance from a low pass by Tevez after 66 minutes.

Ferguson does not take the “gifts” kindly, saying: “It was a comfortable 2-0 even though Fulham had a lot of possession, but there were too many chances missed and we were too charitable in that respect.”

Though Fulham were busy defending against a romping United, they nearly sprang a surprise when Danny Murphy’s shot from the edge of the box forced a diving save from van der Sar. The resulting corner should have yielded a goal when Murphy’s shot whistled past the top corner of Van der Sar’s net. Shefki Kuqi confirmed Fulham’s lack of quality strikers by heading over Simon Davies’s high cross with the goal at his mercy.

The other highlights of this match was a penalty claim. Alex Ferguson accused Niemi of ‘conning’ referee Rob Styles after Ronaldo was booked for diving, instead of being awarded a penalty to complete his hat-trick.

After watching the replays, I concur with Alex Ferguson that the referee had made a mistake. There was no need for Ronaldo to dive. He has already accomplished the job for United and the match was fully in control. Getting a third goal will just be a bonus, certainly not so critical as to fake a fall to claim for a penalty.

Styles could have exercised better judgment seeing that Ronaldo was already cleanly put through by Tevez, has rounded the goalkeeper and just need to slot the ball home. The best Styles could do if he was uncertain was to wave play on and give the goalkeeper the benefit of the doubt, instead of flashing a yellow card.

In a way, this is a payback since Ronaldo earned a reputation for hitting the ground in theatrical fashion at the slightest touch in his early days at Manchester United. But since the World Cup, he has matured and become a fine football specimen. However, the unsavory memories still linger for referees as well as judges for the football awards.

If Ronaldo aspires to be a football legend, he will have to makeover this image by cleaning up his act. His technical skills, which he is constantly improving, have won him rave reviews from the media and the respect of his peers but if he can prove that he is not a cheater (and curb a bit of his vanity along the way), I seriously cannot see any reason why he has to be second best for the top awards. What do you guys think?