Of course many most of the points are obviously, after all we are all humans!

. Anyway I have to pain in the butt and will make of couple of points clear.
Your logic of Real having better record of developing "home-grown" talents is pretty much spot on in terms of factual basis but - why do you want the limit in yourself in just developing "home-grown" talents when there is worldwide market with better prospect to develop? When evaluating clubs performance in player development, I think one must not be confine oneself to examining the number of players that have been raised from youth academy. In this respect, I believe Juve should have nothing to envy from Mardrid.
Secondly, as for Perez having good business acumen - I disagree completely. But I respect your opinion though.

. Obviously Real has been marketing their brand aggressively and the image of
los glasticos has increased their revenue without any shadow of doubt. However, one must take consideration of the cost of marketing as well as benefit aspect of it. For every increase in the revenue Zizou's, Beckham's, Figo's have brought into the club, Real had to pay substantial amount of transfer fee - after all by basic economic theory prices of each players should reflect the future revenues streams these players would bring. Problem is Real have overspent on players like Zidane and Figo. They already had to right off something 38m on 6 years for Figo and I am pretty sure they will have to do same for Zizou since no sane club will spend a "cent" on him. Now add that to 6,7m Euros these players make each year, you get a sum that indicates these los galacticos costs you something like 13 ~ 14m per year. Given that Real makes 180m sterling pounds per year (by proxy), it is clear that sums simply don't add up and Real is seriously overypaying its stars through ridiculous transfer fees.
Beside, Real has become more of a laughing stock then prime stars. I mean, they lost to Verdy of all teams, a second last in J-League at the time of meeting - I mean washed up Washington looked like Zlatan in front of Real's defence. The game is hardly a matter of significant but it certainly didnt do their publicity any good. For a consolation though Man U lost to Urawa Reds - if that is any consolation. Also the whoe Beckham effect is being over exaggerated. Japanese aren't simply mad at soccer like Spanish or British are. All this means is that as much as Beckham is popular with girls, popularity won't translate into hard cash compared to, say, Korean actor Bae Young Jun. The major consumer of merchandise good, IMO, is young 15-18year olds who play the game rather than office ladies and they are very knowledgable fanbase rather than just following big name stars. The whole marketing should be based on winning games rather than selling team sheets because the game is played to win not show stars - Obvious fact, but Perez didnt know that.


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After all, hardcore fanbase is what really matters and to please them you simply got to win. And by all account "Zizou y Pavon" was a massive failure and will not cut it in the future. I would rather develop talent to win rather than bringing up because you have spent lavish money on players who would sell more jerseys.