Perez wins Real Madrid refinancing vote

Spanish champions Real Madrid club members have voted in favour of a plan to sell the club's central Madrid training camp to ease debts of more than $250 million.

Yesterday's EGM saw Real members back president Florentino Perez' plan to sell the site which could earn the club $310 million.

"Today is an historic day for Real Madrid because the plan has been approved by a vast majority and it will banish forever the cursed debt that has been hanging over the club " said Perez after the vote was confirmed.

"Decisions like this will allow the club to establish itself as the best club in the world in the 21st century."

"The monstrous debt has left the club in a state of economic intensive care," Perez told the members as he urged them to support the deal.

The new building scheme will see offices added to thwe site which Real will partly own and rent as it builds a new countryside training camp near Madrid airport.

The new facility will also see a Real fun park and also be the base for all youth teams fielded by the club. It should open in 2004 and the city council wil also use the current training ground site to build a new sports stadium as Madrid tries to bid for the 2012 Olympic games.

Despite the club's debt they remain active in the transfer market and would still like to sign Zinedine Zidane from Juventus.