Real to miss Beckham's financial muscle

MADRID, Jan 12 (Reuters) David Beckham had already lost his place in the first team so Real Madrid may not miss him on the pitch but the club will certainly notice his departure when they examine their accounts at the end of next season.

Beckham joined Real from Manchester United in June 2003 as the most marketable footballer on the planet and the former England captain certainly lived up to expectations.

His presence catapulted Real to top spot in the rich list of the world biggest clubs and allowed them to break into the all-important Asian market.

Real have admitted that a substantial part of the 292 million euros they made last season was due to Beckham's presence in the squad.

When he signed for Real, the midfielder agreed to grant the club a half share of his image rights and since then their income has increased by some 35 percent.

With fellow Galacticos Luis Figo and Zinedine Zidane already having left the club and Ronaldo likely to leave before the end of the season, the sheen has been taken off Real Madrid's previously glittering image.

Arch-rivals Barcelona have now deposed Real as the most glamorous team on the continent and have reinforced that status with success on the pitch.

Real announced recently that they had signed a television rights deal worth an estimated 1,100 million euros (1.43 billion dollar) over the next seven seasons but their marketing income is almost certain to fall sharply.

They have spent 100 million euros on new players since last season and are getting little or no return from their former Galacticos.

Real's new project is based on a series of young South American players who may fit into coach Fabio Capello's plans on the pitch but will have minimal impact on the club's marketing income.

The key for Real now is to end their three-year trophy drought but new signings Fernando Gago and Gonzalo Higuain and Brazilian fullback Marcelo will all need time to adjust to European football.

Barcelona and Sevilla are above Real in the league and the competition in Europe is fiercer than ever, making a 10th European crown look an increasingly difficult prospect.

Real will always occupy a privileged position in Spanish football but the realities of life after the Galacticos may be tougher than expected.

EUTERS PDS BST1746