text: News that Real Madrid have spent an eye watering £139 million to bring Brazilian midfielder Kaká and our very own Cristiano Ronaldo to the Santiago Bernabeau heralds the second coming of President Florentino Pérez and his now infamous ‘Galácticos’ policy. With a reported €300 million transfer budget at his finger tips, Pérez has been typically bullish by announcing his target list that includes David Villa, Xabi Alonso, Franc Ribéry, David Silva and Raúl Albiol. Indeed, Villa will probably follow Kaká and Ronaldo to Madrid by signing for Los Merengues this week for a fee in excess of £30 million.
  Pérez was first President of Madrid between 2002 and 2006 when he instigated the ‘Zidanes y Pavones’ transfer policy, which saw the club spend vast sums on bringing in world stars, while filing out the squad with youth teamers such as the much riddiculed Francisco Pavón. The policy began with the contraversial transfer of Luís Figo at a cost of £38.7 million from FC Barcelona in 2000, with Real forcing through the transfer after signing a pre-contract agreement with the player that included a massive penalty clause if the player reneged on the deal. It was a similar agreement to the one it is claimed (but denied) that Real signed with Ronaldo last summer. Then followed Zinedine Zidane for a world record £45 million from Juventus in 2001, (the Brazilian) Ronaldo for £26 million from Inter Milan in 2002, and then David Beckham at £25 million from United in 2003.
  But the policy largely failed because it was driven more by marketing than the needs of the team. Pérez was prepared to spend vast sums and wages on star names but this was rarely the case for defensive players. Indeed, it was a policy that led to the departure of Claude Makélélé to Chelsea in 2003 for a huge wage increase. It was also claimed by one Madrid director that the club brought in David Beckham rather than Ronaldinho – the player Sir Alex Ferguson wanted as the Londoner’s replacement – because the Brazilian was ‘too ugly’ to sell shirts.
  Madrid under Pérez was also a club riven with factionalism and in-fighting, where the manager had minimal input into team selection and precious little time to succeed. In fact success was no guarantee of a job the following season – Vincente del Bosque was famously sacked in 2003 after winning La Liga because he fell out with Pérez. Many other managers followed. This instability meant that during Pérez’ first spell in charge the team won La Liga in 2001 and 2003, and the Champions League in 2000 and 2002. Was this really enough silverware given the club’s vast expenditure?
  Now Pérez appears to be instigating a new Galácticos era that bares all the hallmarks of the past. Time will tell whether the club manages to find the appropriate balance between huge expenditure on big name attacking players, and the stability that comes with a long term manager and solid defensive unit. Many will have their doubts despite the huge names signing on the dotted line.