Word: spain
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...Absent its own benefactor, Real Madrid, the favored club of Spain's establishment, owes its deep pockets to a powerful brand and unrivaled commercial skills. Owned by 80,000 of its supporters, it's the richest soccer club in the world, with revenues of more than $500 million for the 2007-08 season, double the level of seven years ago. Free to negotiate its own broadcast-rights deal - top teams in England or Germany, say, must sell TV rights collectively - Madrid is halfway through a $1.4 billion, seven-year contract with broadcaster Mediapro. (See the 100 best TV shows...
...theory, top-flight European soccer, with its loyal fan base and long-term contracts, should be shielded from the worst of the recession. Indeed, attendance across the big five European leagues - England, France, Germany, Italy and Spain - rose 2% in the season just finished. And German and English clubs will all enjoy new and improved broadcast deals in the coming two seasons. But that's not to say the downturn doesn't throw up stiff opposition. "Beyond that very affluent, élite core," says Chadwick, "the mood of austerity is still very, very strong...
...East London club earlier this week, after its Icelandic owner and chairman Bjorgolfur Gudmundsson lost his trousers in the credit crunch. Iceland's Straumur Bank, CB Holding's major shareholder, is itself in the midst of restructuring after being bailed out by the Icelandic government in March. In Spain, once mighty Valencia is effectively controlled these days by local lender Bancaja, its major creditor, after hapless management and a soured stadium-development plan left the club about $725 million in debt. (See pictures of the global financial crisis...
...After Cornyn extended the second invitation to speak, Sessions, concerned that she'd upstage Gingrich, vetoed her speaking role. "Chairman Sessions is a big supporter of Governor Palin, which is why he invited her to be the keynote speaker when the event was first announced," said NRCC spokesman Ken Spain. "A great deal of effort has been put into this fundraising event, and Speaker Gingrich has gone above and beyond the call of duty. It is our hope that Governor Palin will attend the dinner and be recognized, but we understand if her busy schedule doesn't permit...
...garnered at the last European elections in 2004, while the Socialist Party slumped from 28.9% in 2004 to 16.5% this time. In Italy, Prime Minister Silvio Berlusconi's center-right coalition surged 6.9% to secure 35% of the vote, ahead of the center-left opposition at 26%. Spain's governing Socialists slipped 4% to 38.5%, behind the opposition Popular Party at 42.2%, while Portugal's ruling Socialists suffered a stunning collapse in support, by 18 points to 26.6%. And it was a similar story in Hungary: the ruling Socialist MSZP lost more than half its vote, tumbling 18% to just...