Gloves off after Roberto transfer

Zaragoza has a debt of 134 million euros. In a feint to avoid administrative relegation to Segunda División and as a possible path out of the economic woods, the club in June entered into the largest bankruptcy petition yet witnessed in the Spanish league. However, in spite of its apparent hardship, Zaragoza, presided over by construction magnate Agapito Iglesias, on Tuesday presented the latest addition to its squad, Roberto Jiménez. The official cost of the transfer of the former Atlético goalkeeper from Benfica was 8.6 million euros. This represents the seventh-costliest transfer in Spain this summer, and the third-costliest move for a goalkeeper in Europe. And Zaragoza did not pay the fee itself; according to many sources consulted, an investment fund in which Jorge Mendes, a superagent who counts Cristiano Ronaldo and José Mourinho among his clients, is involved.

As a publicly traded company, Benfica declared the total cost of the transfer to the Portuguese stock market authority. Both the Association of Spanish Footballers and Liga authorities have criticized the transaction. But the operation contains a trick. Zaragoza will have to pay just 300,000 euros, in two installments, plus Roberto's salary - around 800,000 euros per year - and 84,000 euros for the Federation rights to permit him to play for the club. The remainder will be met by the investment fund. Zaragoza has not named the investors behind the deal, but Mendes participates in Quality Sports Investment, a company in which Peter Kenyon, former sporting director of Manchester United and Chelsea, is also prominent.

The transaction is within the law and opens up a new world of possibilities for clubs on the brink of financial meltdown. Quality Sports Investment is registered in Saint Helier, Jersey, with three societies and two investment funds under its auspice. It is not possible to consult the names of investors attached to Quality Sports Investment on the Jersey Financial Services Commission register.

The consortium bought the economic rights to Roberto and then loaned the goalkeeper to Zaragoza. Benfica on Wednesday issued a statement to the effect that Zaragoza had paid 86,000 euros for the player's economic rights, and a "Spanish investment company" will foot the remaining 8.51 million euros. Benfica was forced to clarify the details of the transfer after the Portuguese National Securities Commission suspended trading on the club's shares on Wednesday morning. The suspension was subsequently lifted.

"There have been many operations, above all with South American players, in which companies and investment funds maintain part of the player's rights," said Francisco Checa, director general of the club. "Zaragoza wins in sporting terms, the fans win and the league itself wins in having increased competitiveness without generating debts between clubs."

Deportivo president Augusto César Lendoiro has been the loudest dissenting voice, as he claims Zaragoza still owes his club, relegated last season, around 1.5 million euros for the sale of Ángel Lafita in 2009. Other clubs have tried a similar recourse in the past: Daniel Sánchez Llibre, former president of Espanyol, paid for a share in Pablo Zabaleta and a major shareholder, Sebastian Javier, bought Luis García. Manuel Ruiz de Lopera, when in control of Betis, would loan players through one of his companies.

The formula Zaragoza has employed is legal in Portugal, Spain and Turkey. It is now prohibited in England, where the highest-profile case of third-party ownership unfolded when Carlos Tévez and Javier Mascherano arrived at West Ham from Corinthians. Both players were owned by Media Sports Investments, which held the right to sell to another club if an offer received matched a certain price. Tévez's goals for West Ham kept the club in the Premier League, leading to an out-of-court compensation payment to relegated Sheffield United.

Spain's Professional Football League, to which Zaragoza owes 1.6 million euros, said that Zaragoza has not adhered to its liquidation agreement and as such it will not agree to reductions on its debt or payment by installments.