For large-cap IT investors, the wait for redemption can be a long one
Subscribe to enjoy similar stories. "Waiting is one of life’s hardships." —Lemony Snicket 9 March 2006. Arsenal Stadium, Highbury, north London.
The home crowd erupted in ecstasy as the referee blew the full-time whistle. The 30,000-odd Arsenal supporters, as well as millions of football fans across the world, had just witnessed an astounding denouement in global football. The mighty Real Madrid had been sent packing out of Champions League’s Round of 16 for the second straight year.
And not just any Real Madrid team. It was the ‘Galácticos’—a shining lineup of football’s global superstars—Zinedine Zidane, David Beckham, Roberto Carlos, Ronaldo and Raul. Few years back, Real Madrid’s larger-than-life president Florentino Pérez had embarked on his audacious Galácticos project—sign the world’s best (and most expensive) players for eye-popping fees.
No questions asked. Pérez bought Portuguese star Luis Figo in July 2000 for €62 million, a world-record transfer fee at that time. Pérez broke the record the very next year by signing Zidane for an astounding €73.5 million.
Ronaldo, Beckham, Robinho and others too were recruited for head-spinning amounts over the following years. However, the results of this policy were far from spectacular. From the 2003-04 season to 2005-06, Real Madrid did not win a single trophy.
The players and team management were regularly hounded by the press. The fans spiralled into existential anguish. After a string of humiliating defeats, Pérez resigned in 2006.
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