Yes, 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.
See, 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.
But that probably would never happen…and here’s why.
As Presseurop explains…
“Could we see a situation in which the ECB seizes one of the players?“ wonders the Munich daily. “In theory, it is possible. Bankia would first have to become insolvent. Thereafter, Real would have to default on its loans, which are secured by advertising and television revenues. It goes without saying that Real Madrid is in debt to the tune of several million euros. However, in Spain football clubs have a history of obtaining publicly funded bailouts — just like the country’s banks.”
And there you have it. Even if Bankia defaulted on their loans, it would take Real Madrid defaulting on their loans for the pair to become owned by the ECB, but even then the soccer club would more than likely receive some sort of government bailout to make sure that scenario never played out.
Still, if you were the ECB, subconsciously you’re probably hoping the dominoes fall your way and Bankia and Real Madrid both default on their loans, because if you’re going to own one football player in the world, wouldn’t you want it to be Cristiano Ronaldo?
You know, because he’s so absolutely dreamy.