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    Two Favorites, Two Underdogs, Too Good

    France and Argentina entered the World Cup as contenders, but Croatia and Morocco have proved to be worthy challengers for the title.DOHA, Qatar — Even Didier Deschamps, France’s ordinarily gnomic coach, seemed a little insouciant in the small hours of Sunday morning. His team had edged past England in a tense, taut sort of a game, the kind that made the insistence of the stadium’s hype man, immediately after the final whistle, that it had been “a lot of fun” for everyone seem more than a touch discordant.Deschamps’s chipper mood was easily explained. With his team’s 2-1 victory, he had achieved the only target even the best team in the world, the reigning champion, had dared to set before this World Cup. France had outlasted not only England but Brazil, Spain and Germany, too. It had made the final four. Whatever happens from this point on counts as extra credit.Both of the semifinals follow largely the same template, pitting one of the teams who arrived in Qatar as an established contender against one of the tournament’s largely unheralded outsiders. The mention of that framing was the only thing that dispelled Deschamps’s good cheer. “Any of the four teams can win it,” he said.Given everything that has happened over the last three weeks to bring the World Cup to this point, it is hard to disagree.Argentina vs. CroatiaTuesday, 2 p.m. ET, Lusail StadiumArgentina recovered from an early stumble and never looked back.Kirill Kudryavtsev/Agence France-Presse — Getty ImagesThe emotion pulsing through Argentina’s players and fans alike has never been far from the surface in Qatar. Its form, its shape, has changed over the course of five games, ranging from the caterwauling after an opening defeat to Saudi Arabia to the belligerence of a narrow victory over the Netherlands, taking in relief, hope, euphoria and pride along the way.A Brief Guide to the 2022 World CupCard 1 of 9What is the World Cup? More

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    Who Will Win the World Cup?

    Who’s going to win the World Cup? To get an answer, you could seek the opinion of coaches, players, pundits or fans.Or you could ask the people who have a great financial stake in the outcome: bookmakers.With every team having played one game, the most likely team to win the World Cup this year is, as almost every year, Brazil, according to oddsmakers around the world. But it is far from a sure thing. The team’s odds are roughly 3-1, meaning at best it has about a 25 percent chance of lifting the trophy at this point.Also considered strong contenders are France (6-1) and England and Spain (both 7-1). The next leading contender is, somewhat surprisingly, Argentina at 8-1, even though it lost its opening game to Saudi Arabia. The consensus seems to be that it will bounce back against Mexico and Poland and make it to the knockout rounds. On the other hand, Argentina was originally the second favorite at 5-1, so it certainly has slipped.As you might have noticed, the favorites are the usual suspects.The truth is, long shots just don’t win the World Cup very often. Oh, they sometimes make a surprise run to the semifinals (South Korea in 2002) or even the final (Croatia in 2018) but they just don’t win it.So if you truly believe in, say, the United States (150-1) or even Costa Rica (as much as 3,000-1 after losing to Spain, 7-0), you could be richly rewarded if they defy the odds come the final on Dec. 18.There are odds available on the individual awards as well, giving a clue as to who bettors and bookies think will perform well the rest of the way at the tournament.Before the World Cup began, who else but Lionel Messi (7-1) was the favorite for the Golden Ball as player of the tournament, an award he won eight years ago. But after Argentina’s stutter, he has slipped behind Kylian Mbappé of France (6-1).That prize almost always goes to a player on a successful team, but not necessarily the winning one. The last two Golden Balls went to players on the runner-up (Luka Modrić of Croatia and Messi), and the winner before that, Diego Forlán of Uruguay, made only the semifinal.The final game on Thursday significantly shook up the betting for the Golden Boot for the top goal-scorer of the tournament. Richarlíson of Brazil had been a 25-1 shot before the tournament started, but his two goals against Serbia has made him a favorite at 8-1. The other top contenders are Mbappé (9-1, with one goal so far), Olivier Giroud of France (11-1, two goals) and Messi (13-1, one goal).The other players with two goals so far aren’t attracting as much interest from bettors: Ferran Torres of Spain (20-1), Bukayo Saka of England (20-1), Enner Valencia of Ecuador (50-1) and Mehdi Taremi of Iran (such a long shot that few bookies have even posted a price on him yet).Fancy an American to get a bootload of goals? Timothy Weah, who had the Americans’ only goal in their first game, is 300-1 or more to finish as the tournament’s top scorer. More

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    Cristiano Ronaldo and the Long Walk

    Soccer’s biggest stars used to have places to wind down their careers with dignity. The sport’s economics now require their humiliations be public.MANCHESTER, England — Manchester United’s starting team appeared first, walking out at Old Trafford shoulder-to-shoulder with its opponent for the evening, Tottenham Hotspur. Then came the substitutes, clutching fluorescent training bibs and bottles of water, followed by two small armies of coaches, assistant coaches and assistants to the coaches.Only then, once the players had lined up, the replacements had taken their seats and the respective coaching staffs had claimed their territory, did Cristiano Ronaldo emerge, strolling a couple of yards behind midfielder Scott McTominay. It may have been by instinct or it may have been by design, but for that moment, the camera was drawn, inexorably, to him.Not, of course, that it needs much excuse. Four minutes later, as the game was settling into its pattern, there was Ronaldo again, in situ on the substitutes’ bench, in the center of the screen. It has become a familiar role for him for much of this season: one of the finest players in the game’s history, reduced to the most important spectator in the stadium.Cristiano Ronaldo’s new position: left out.Laurence Griffiths/Getty ImagesStrictly speaking, this should not be worthy of note. For much of last season, the first of his second spell at Old Trafford, Ronaldo was the inspiration for and subject of what was — initially, anyway — a moderately compelling debate about the balance between individual attainment and collective success.He scored goals, and plenty of them — 18 in 30 games in the Premier League alone, the most prolific at the club by some distance — but his presence, at times, seemed to inhibit the attempts of first Ole Gunnar Solskjaer and then Ralf Rangnick to imbue the team with a more modern, dynamic sensibility. How, then, should his contribution be assessed? Were the goals justification for Ronaldo’s inclusion, or was the cause being confused with the cure?It has been abundantly clear for months where Erik ten Hag, United’s current manager, stands on that particular conundrum. He has been unstinting in his praise for Ronaldo in public — both in terms of his lasting legacy on the game and his ongoing usefulness — but his words have been rather drowned out by his actions.Ronaldo has started only two Premier League games this season. The first involved being 4-0 down at halftime against Brentford. The second ended in a stalemate against Newcastle. He has, instead, spent most of his time facing Omonia Nicosia, Sheriff Tiraspol and Real Sociedad in the Europa League. Few have questioned the wisdom of it.United’s win against Spurs on Wednesday night, the product of probably the finest performance yet in ten Hag’s nascent reign, provided a compelling illustration as to why. Without Ronaldo, United is stirring. There is an energy, a zest, in its performance, a sense of disparate parts gradually binding into a distinct unit, the early, emergent signs of a genuine style of play.And yet such is Ronaldo’s fame, his draw, his magnetism that even now his absence defines things as surely as his presence. His exclusion from the field is a talking point. The camera pans to him, seeking to discern his mood, his state of mind, as soon as the opportunity arises. The fans, mindful of what he was, unconcerned by what he might be, sing his name as he trots down the touchline to stretch his muscles, to shake off the gathering rust.Ronaldo has twice as many starts in the Europa League (four) as he does in the Premier League (two) this season.Ian Hodgson/Agence France-Presse — Getty ImagesIt is not, of course, quite the coda to his glittering career Ronaldo might have anticipated. It is not, in truth, the coda his achievements warrant. There is scant reason to offer sympathy for that: His predicament, after all, comes with the not-irrelevant consolation of being the best-paid player at one of the world’s richest clubs.But it is true, too, that Ronaldo is trapped by a function of modern soccer’s economics. Few players, if any, have done as much as Ronaldo, 37, to turn the game into the financial monster it has become; he has, for years, been one of the twin spearheads (and prime beneficiaries) of its relentless drive for global growth.Now, though, he finds itself at the mercy of his own creation. All players, even the very best, reach an end. Their legs weary or their bodies creaking, they look for a slightly more comfortable place to spend their twilight years, somewhere the scrutiny is less glaring or the demands not quite as exacting or the task a touch less mountainous than at the game’s absolute peaks.At times, whole leagues have served as an escape valve. European fans tend to sneer when players choose to move to Turkey or M.L.S. or (in former times) Russia and (briefly, brightly) China, but it is worth considering that it is not so long since the game’s great retirement home — the one that drew Ruud Gullit and Jürgen Klinsmann and all the rest of them with a promise of fat paychecks and supine opponents — was the Premier League of the 1990s.More frequently, though, there were a whole cast of clubs who were willing to play that role. For the original Ronaldo and Ronaldinho, it was a waning A.C. Milan. For their Brazilian teammate Rivaldo, it was Olympiacos. Even Diego Maradona, after not one but two drug scandals, could find a safe landing spot for a time at Sevilla.For some, those routes still exist. The lure of stardust took Gonzalo Higuaín to Inter Miami and brought Giorgio Chiellini and Gareth Bale to Los Angeles F.C. More telling, though, is the presence of Ángel Di María at Juventus and Alexis Sánchez at Marseille. Players associated with the Champions League, increasingly, are either not permitted or not prepared to escape it, their autumn days directly compared with the heat of their summers. Sinecures are not what they used to be.It is easy — and not wholly inaccurate — to accuse Cristiano Ronaldo of not only greed but hubris, too, to point out that he would find countless willing suitors if only he would accept a substantial pay cut and a demotion in status. He would be adored at Valencia, or Lazio, or Galatasaray. After all, his forebears as the world’s best players were prepared to accept the ticking of the clock.The problem, of course, is that he does not need to do so. That he was slowly displaying signs of his own mortality was clear when he left Juventus, a little more than a year ago, and yet Manchester United — a club that regards itself as the biggest in the world — was still willing to sign him, not just for the romance of it but for the brand impact, the exposure, the Instagram followers. There is no reason to believe, when he leaves United, it would be different for his next club.Ronaldo and Coach Erik ten Hag in a rare moment when both wanted the same thing.Phil Noble/ReutersRonaldo is, put simply, too valuable, too famous, too much of a draw to be allowed to drift into the sunset. (It goes without saying, of course, that Lionel Messi — the impending recipient of contract offers from both Paris St.-Germain and Barcelona — is exactly the same.) Someone, somewhere, will offer him a colossal sum of money to score the occasional goal in the Champions League, or to aid their pursuit of it.And so this is his lot, as one of the most glorious careers ever does not draw gracefully to a close but is drained of every last drop of glamour, every last ounce of energy, every last lingering camera shot, forced to watch on as the game he once dominated and the stages he once owned move on without him.A minute or so before the final whistle on Wednesday night, with United’s victory secure, Ronaldo lifted himself from his seat, strolled along the side of the field and disappeared into the Old Trafford tunnel. There were still four minutes to play.By the time they had elapsed, he had left the stadium, and disappeared off into the night, leaving in his wake only rancor and resentment. The next day, ten Hag decreed that Ronaldo would be banished from training with his teammates for the rest of the week as punishment. He may have played his final game for Manchester United.That will not be the end of it, though. There will be another club, another team, one with ambitions of gracing the Champions League or perhaps even designs on winning it, that cannot quite resist his draw, his power, that will not be able to look away from a star grown too big to fall.Kylian Mbappé Says Everyone Got It WrongFranck Fife/Agence France-Presse — Getty ImagesKylian Mbappé was, he would like you to know, napping. He was napping when the first reports emerged, last week, that he felt “betrayed” by Paris St.-Germain and wanted to leave the club at the first available opportunity.He was napping while pretty much every news organization ran with those reports, and he was still napping when he, as well as the variety of family members, friends and business associates who constitute his entourage, failed for several days to rebut any of them. Say what you like about Kylian Mbappé, but he is a sound sleeper.No wonder, because as it turns out, he is actually very happy at P.S.G. You can tell, because he said so. “I am very happy,” he said. The very notion that he might not be is “completely wrong.”“I never asked for my departure in January,” he said, after helping his team beat Marseille last week, which is a lot less reassuring as a sentence the more you think about it. “The information that came out, I didn’t understand. I was as shocked as everyone else.”Still, at least all of that is cleared up now. There is absolutely no need to wonder where, exactly, the suggestions of his disaffection came from in the first place. It was not Mbappé — he was tucked up in bed — and it was not, he said, any member of his entourage. “They were at my little brother’s game,” he said. Presumably it took place in some sort of mountain lair, where there is no cell service. Or perhaps it was some sort of dream. If you would just take Mbappé’s word for it, that would suit him just fine.CorrespondencePaul Ellis/Agence France-Presse — Getty ImagesThe mere mention of mud in last week’s column brought an avalanche — well, not an avalanche; maybe a slow ooze — of mud-related nostalgia. Mud, it turns out, is something people miss.“Elite soccer would be better with more mud, right?” asked Joey Klonowski. “Every game would obviously be too much. I’m asking for like one percent of games. For variety.”Good news, then, from Ben Cohn. “The third round of the F.A. Cup was still a place to see mud quite recently,” he pointed out. “I have a vague image in my mind of Jürgen Klopp talking to an old-school tea lady before a really muddy fixture.”While I think we can agree that soccer is improved by being played in a range of climatic conditions, I have to take issue with Jeff Geer. Jeff has been watching a lot of Brentford, and has been left wondering: “Why do people like Bryan Mbeumo? What I see: not extremely fast; cannot target corners of the goal; weak passer in the penalty area; can’t take advantage of the counterattack.”This is slightly unfortunate for Jeff because I found myself thinking this week what a good player Mbeumo is: industrious, intelligent, always in the right place to offer a teammate an option. Perhaps that is his problem. Perhaps he is good enough to be given many chances to prove his limitations.And a final one from a regular correspondent. Shawn Donnelly would like to know whether Premier League ball boys get paid. “And why aren’t there more ball girls?” The answers to these are related: Most ball boys are players from the home team’s academy. It does feel like perhaps it is an honor that could be shared between both the boys’ and girls’ schools, though. More

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    Our Interview With Kylian Mbappé: Audio Excerpts

    ‘I’m Going to Stay a Player’0:40Mbappé’s new contract has given him a new status and importance at P.S.G. But that also gave rise to reports that he now has the power to hire and fire coaches, or otherwise shape the direction of the club and its roster.That’s just not true, he told us. More

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    The True Cost of Kylian Mbappé’s New Deal

    It is easy to be dazzled by money in soccer, especially as the figures blur into incomprehension. But the numbers matter because of what comes next.It was not, Kylian Mbappé would like you to know, about the money. True, it might look — to the childlike, the innocent, the uninformed — as if he has spent the last year or so playing Real Madrid and Paris St.-Germain off one another in order to drive up his value and elicit the most lucrative contract possible. But that, rest assured, is just an illusion.Money, in fact, barely came into the negotiations, certainly with P.S.G. In Mbappé’s telling, that particular subject appeared only at the end: There were a “few minutes” of discussions about how much he would be paid, he said, but there were many months picking over the precise nature of P.S.G.’s “sporting project.”Quite what shape that project takes is not yet clear, of course. Mbappé has denied that the three-year deal he signed last week includes a set of clauses that guarantee he has a veto, in effect, over various appointments at the club, ranging from managers to sporting directors to players.Whether the clauses are written down hardly matters. It is inconceivable that any club would make the sort of financial commitment P.S.G. has made to the 23-year-old Mbappé and not run crucial decisions past him. Lionel Messi enjoyed similar influence in his later years at Barcelona. That is the privilege afforded to the world’s best players.Mbappé and the P.S.G. president Nasser al-Khelaifi both declared themselves thrilled with the player’s new contract.Michel Spingler/Associated PressIt does not, though, indicate that there has been quite so much of a shift in P.S.G.’s “sporting project” as Mbappé might want to believe. For the past 10 years, P.S.G.’s policy has been to hire extravagantly gifted superstars at eye-watering costs and cater to their whims. There are countless stories about Neymar’s occasionally laissez-faire approach to training. At least one coach found that his squad did not, deep down, agree with him that it might need to press its opponents.P.S.G. has fostered an indulgent, individualistic ethos, with little or no thought for structure or system, and that has, ultimately, prevented the club realizing its greatest ambition: winning the Champions League. To break with that, P.S.G.’s plan appears to be to retain an extravagantly gifted superstar at an eye-watering cost and cater to his whims.And the cost is eye-watering. Mbappé will pick up at least $75 million in salary over the course of his contract, after taxes. There is a $125 million golden handshake to sign on. Factor in the roughly $200 million P.S.G. turned down from Real Madrid last summer, and the deal has cost P.S.G. $400 million or so.It is easy, now, to be dazzled by money in soccer, to feel inoculated against the sport’s excess. There are after all just so many zeros. After a while, the numbers cease to offend, creeping higher and higher until it seems arbitrary to draw a line — why is $25 million-a-year too much, but $15 million-a-year acceptable? — and the figures start to blur into incomprehension.But they do matter in the end, and they matter because of what follows in their wake. Money in soccer is not really about money. The players do not genuinely believe that they require those extra few hundred thousand dollars because otherwise they will be bereft. Yes, they generally (and understandably) want to maximize their earnings from a brief career, but their motivations are often more rooted in power, and status, and worth.P.S.G.’s star power may be unmatched. But does it have a plan?Michel Spingler/Associated PressThe parable about Ashley Cole, the former Arsenal defender, nearly swerving off the road because his club had offered him $63,000-a-week, rather than the $69,000-a-week he believed he was due, is not about a man appalled by the prospect of looming penury. There is almost nothing, after all, that $3.5 million-a-year can buy you that $3.2 million-a-year cannot.No, what upset Cole was the sense that Arsenal did not value him as much as his teammates or — worse — his peers. Other players of his quality were earning far more than him, he knew, and if Arsenal was not prepared to offer the going rate, then perhaps the club did not value his contributions quite as much as he thought it should.That is the problem with the Mbappé deal. Every time the salaries of the superstars rise, they slowly but surely drag everyone else’s with them, pulling the sport’s Overton window further and further into the stratosphere.P.S.G. will be able to cope with that, of course, when Mbappé’s teammates appear asking for improved terms in light of the new normal. Even $400 million is not a figure that will rattle the nation state of Qatar. And perhaps its peers among Europe’s elite will be fine, too, when Mohamed Salah or Kevin De Bruyne or Vinícius Junior or Pedri start their next set of negotiations by using Mbappé as a starting point.But further down the food chain, there will be a problem. Some clubs will swallow the extra cost of retaining talent, with all the risk that entails. Others will choose to cash in and sell on, further entrenching the divide between the aristocrats and everyone else.The statement released in the aftermath of Mbappé’s decision by Javier Tebas, the outspoken president of La Liga, was a strange one, fermented almost entirely from sour grapes. His central tenet — that the best way to protect everyone from competitive imbalance was to introduce more of it to the competition he runs — fell somewhere between craven and hypocritical.And yet, under all of that, Tebas has a point. It is dangerous for salaries to be artificially inflated by clubs with no constraints whatsoever on their finances. It does pose a threat to the health of soccer as a whole. It is, in certain lights, not entirely dissimilar to the basic problem of the Super League.The issue, of course, is that there is nobody, nobody at all, who is prepared to do anything about it. Tebas was not the only executive to be provoked by Mbappé’s signing into making a slightly odd statement. His Ligue 1 counterpart, Vincent Labrune, responded to Tebas by reminding everyone that both Real Madrid and Barcelona have been found to have benefited from illegal state aid.Al-Khelaifi himself took the unusual stance of suggesting Tebas was concerned that Ligue 1 might catch La Liga, simultaneously misunderstanding that worrying about that sort of thing is the essence of Tebas’s job, and apparently denigrating the league that both his club and his broadcast network, beIN Sports, have done so much to subsidize in recent years.(None of this was quite so strange as Emmanuel Macron, the French president, intervening to persuade Mbappé to stay in Paris: Macron is a sincere and passionate Marseille fan, and should presumably love nothing more than to see Mbappé disappear to Spain, along with most of his teammates.)That all of them could see no further than their own agendas was neither surprising nor outrageous. Tebas’s role is to promote and protect La Liga, just as al-Khelaifi’s role — or one of them, at any rate — is to act in the best interests of P.S.G. And it is, without question, in the best interests of P.S.G. not only to hoard as much talent as possible, but to make it incrementally more difficult for all of its rivals to keep up.What is more disappointing is that there is nobody, anywhere, who appears willing or able to confront these issues, not from the perspective of an individual club or a specific league but with the interests of the sport — the industry — in mind. What is good for P.S.G. or Real Madrid is not necessarily in the best interests of the game as a whole; soccer is crying out for someone in a position of influence to say that, but they remain conspicuous by their absence.La Liga’s president, Javier Tebas, criticized the deal that kept Mbappé in France but not the offer that might have brought him to Madrid.Pierre-Philippe Marcou/Agence France-Presse — Getty ImagesThe most obvious candidate, UEFA, has recused itself of its responsibilities, confounded by its twin role as weighty ultimate authority and callow competition organizer. It is UEFA that has allowed the self-interest to fester and the venal to prosper. It is UEFA that has forgotten that for soccer to function in good health, it has to be treated as a collective endeavor.If it is not, it risks being fractured beyond repair, the golden goose trussed and quartered, sold off to the highest bidder in a market contorted beyond all reason by a handful of teams — and that description fits both Real Madrid and P.S.G. — and, now, by a single deal, one act of vanity and bravado by a club that refuses to allow anything to stand in its way, whose vision for the future is that everywhere should be Paris, for whom it really is not about the money. Because when you have enough of it, money is meaningless, and there are so many zeros that it loses all sense at all.CorrespondenceChelsea: champions of England six times, but never Europe.Matthew Childs/Action Images Via ReutersWilliam Ireland, clearly, has been picking through this column with a fine-toothed comb. “I have seen it said that England’s Women’s Super League is the strongest in the world and I don’t understand why,” he wrote.“Chelsea has been humbled in the Champions League in the last two years. Arsenal looked well off the pace this year. When teams from Europe have played teams from the N.W.S.L., Lyon and Barcelona Femení have been matched. The W.S.L. has been getting more publicity and more fans, and that’s great, but right now it seems it’s not the best in Europe, much less the world.”This is a great point, and there are a few factors that go into it. First, of course, is your general English exceptionalism. Second, soccer’s innate Eurocentrism. Third, a degree of hyperbole that is linked, deep down, to the W.S.L.’s rapid rise.But most interesting is the fourth, something noted by at least a couple of Barcelona players: television. A lot of soccer from the Spanish women’s top flight, for example, is not broadcast. That makes it hard for people to know how high the standard is; much of what we see is Barcelona winning games, 8-0, and it is natural, to some extent, to assume that many of its opponents are substandard.Domestic dominance can make it hard to take the measure of Lyon and Barcelona. Marco Bertorello/Agence France-Presse — Getty ImagesThe view of Barcelona’s Norwegian wing Caroline Graham Hansen, certainly, is that it is not the case; she argues that the ease with which Barcelona wins games is testament to its ability, rather than an indictment of its opponents. Until fans can judge that with their own eyes, though, the tendency will be to assume that the league we see most — the W.S.L., say, or the N.W.S.L. — is the strongest.Bob Honig, meanwhile, wonders whether the presence of the (men’s) World Cup in the middle of next season might “make club teams that are not so reliant on national team players more competitive?”This is a logical conclusion, of course. Those teams whose players are given a rest halfway through next season should benefit from that break; the skill gap should, to some extent, be closed by a greater degree of freshness. I think we can all hope that is the case, but let’s not forget the golden rule of modern soccer: Whatever happens, the big teams win. More

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    Real Madrid’s Florentino Pérez Is More Powerful Than Ever

    A year after the Super League debacle, Florentino Pérez is back in the Champions League final, having turned a club owned by its members into his personal kingdom.MADRID — Florentino Pérez strode onto the television set looking somber. Though he knew his questioner would be a little more informal — open-necked shirt, blazer — the Real Madrid president had chosen a straightforward black suit for the occasion. He even wore a tie. This was business, not pleasure, serious, not trivial, and Pérez wanted to project that.On the screens behind him, a lurid orange logo depicted a cartoon soccer ball with flames jetting out of its rotating crown.In England, in Italy and particularly in the United States, an assortment of financiers, tycoons and magnates of various stripes — all of them, like Pérez, among the dozen founding members of what would come to be known as the Super League — watched along in horror.The 12 clubs had struggled, in the weeks before going public, to find someone to act as the frontman for their idea. It was a complex, delicate project, one that needed careful presentation. But while none of the American owners of England’s most illustrious teams wanted to take center stage, nor did they believe Pérez, the architect of much of the idea, would come across as authoritative, weighty, persuasive.Pérez was an imperfect spokesman for the Super League, even though he was largely responsible for its creation.Rodrigo Jimenez/EPA, via ShutterstockPérez might occupy an almost unrivaled position of power at home — president of Real Madrid, chairman of one of the world’s largest construction firms, his box at the Santiago Bernabéu a magnet for the great and the good — but abroad he was often seen as bombastic, hubristic, faintly ridiculous. His appearance on “El Chiringuito” — a late-night, low-rent talk show — seemed to confirm his partners’ fears.Within days, the entire project collapsed. And then, only a little more than 12 months later, it all happened again.For four years, Pérez had been trumpeting the idea that Real Madrid would sign Kylian Mbappé, doing everything he could to court the French striker, a boyhood Real fan. The club had squirreled away a considerable portion of its transfer income for Mbappé’s signing-on fee and his salary, and as recently as March, Pérez was making not especially cryptic remarks to the news media suggesting an agreement was imminent.Then, late last week, Mbappé messaged Pérez to thank him for his offer, and inform him that he had chosen to stay at Paris St.-Germain. Pérez had just enough time to alert his team to Mbappé’s change of heart before the 23-year-old Frenchman appeared on the field at the Parc des Princes to celebrate his new three-year contract.Ordinarily, at a club as proud and demanding as Real Madrid, those twin embarrassments would be enough to spark some sense of mutiny. Pérez, though, remains as powerful, as unassailable as ever.Madrid’s fans are accustomed to a certain level of success. David Ramos/Getty ImagesIn part, of course, that can be attributed to the one aspect of the club not under his direct control. Pérez, ultimately, stands or falls on the fortunes of the team. Despite only cosmetic changes to the squad last summer — the additions of Eduardo Camavinga, a young midfielder; the versatile David Alaba; and the reinstatement of Carlo Ancelotti as coach — this has proved, a touch unexpectedly, to be a vintage season for Real Madrid.A team beaten to the Spanish title last season by its in-city rival, Atlético, has been restored — with ease — to its domestic perch. A team that had been knocked out of the Champions League with little fuss by Ajax, Manchester City and Chelsea in the last three years has returned, imperiously, to the final. Only Liverpool, on Saturday in Paris, stands between Real Madrid and a record 14th European Cup.In Karim Benzema, the last man standing from that first wave of signings that heralded Pérez’s return to the Real Madrid presidency in 2009, the club may possess the world’s standout player. In the likes of Vinicius Junior, Camavinga and Rodrygo, there are the green shoots of a new generation starting to sprout. Pérez has overseen it all while reconstructing the Bernabéu, turning it into a slick, state-of-the-art venue, complete with extensive corporate areas and a retractable turf field.Real Madrid beat Liverpool, its opponent on Saturday, in the 2018 Champions League final.Lluis Gene/Agence France-Presse — Getty ImagesBut Pérez, 75, is not as vulnerable to the vicissitudes of form and fate as might be expected of a democratically elected president. Real Madrid is owned by its members, after all, but increasingly it feels like Pérez’s personal kingdom.Last summer, one of the few figures at the club who served as a counterweight to Pérez, the Galáctico player turned Galáctico coach Zinedine Zidane, resigned, claiming the club was “no longer giving me the trust I need.” On his way out the door, Zidane suggested he had not been “valued” as a “human being.”At much the same time, the club captain, Sergio Ramos, was leaving, too. Ramos broke down in tears at the news conference held to confirm his departure, revealing that the club had reneged on the promise of a one-year contract extension. “They never communicated to me that the offer had an expiry date,” Ramos said. “Maybe I misunderstood it.”They are not the only defining figures in Madrid’s modern incarnation to feel a little alienated by Pérez. His relationships with the earlier-era stars Iker Casillas and Raúl Gonzalez, too, have been strained at times (though both have since returned to the club).Pérez, though, is no longer troubled by the risks of crossing revered former players, not now that his dominion over Real Madrid is essentially unassailable, both officially and conceptually.In 2012, he changed the club’s statutes to decree that any candidate for the presidency must have been a member for at least 20 years, and possess a personal fortune equivalent to 15 percent of the team’s revenue.Pérez is the center of attention in his box at the Bernabéu alongside friends, politicians and business associates.Javier Barbancho/ReutersHe claimed, at the time, that it was a necessary measure to prevent Real Madrid from being sold to an overseas investor, but the joke has run, ever since, that candidates for the presidency also must work in construction, have three children and wear size nine shoes. Pérez has contested three presidential elections since. No rival has been able to meet the statutory criteria.More significant, though, he has quashed almost any outlet for criticism. It has been instructive, for example, to read the accounts in much of Madrid’s news media of the Mbappé deal. Rather than a defeat for Madrid, Mbappé’s decision has been cast as that of a mercenary and a traitor, a turncoat who gave his word to Pérez and then betrayed him.Mbappé’s family has been so distressed by that depiction that his mother moved to correct it publicly, asserting on Twitter that her son had never “given his word” to Real Madrid.That he chose “El Chiringuito” for his first appearance to discuss the Super League was not an accident, either. The show regularly features prominent Madrid-supporting journalists who have been known to break down in tears over the club’s successes, or rail against those — Gareth Bale, Eden Hazard — who are deemed to have dishonored the club.The show is not, in that, an outlier. Pérez oversees a vast network of pliant news media, dependent not only on his grace and favor for information and access but cowed, too, by the sheer scale and heft of his business interests. Pérez has always claimed that he is powerful only because he is president of Real Madrid, but that is not quite true. He is powerful in many other ways, too.That has allowed him to run Real Madrid as he sees fit. Despite its size, the club’s hierarchy is relatively tightknit, with many recruitment decisions overseen by Pérez; his chief executive, José Ángel Sanchez; and his chief scout, Juni Calafat. Real Madrid is, in that sense, something of an outlier, almost a throwback, in an era when most of its peers have diversified and deepened their staffs.Pérez would argue, of course, that it works: five Champions League finals in nine years is all the evidence he needs. That, perhaps, is his greatest gift. No matter what he does, no matter how unlikely it seems, Pérez has a remarkable ability to emerge triumphant.This might have been the year that destabilized the kingdom he has so painstakingly built. It may, instead, prove to be the year that cemented it for good. More

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    Kylian Mbappé Will Stay at P.S.G., Rejecting Real Madrid

    The battle to sign the world’s best young player produced dueling offers worth more than $200 million. Mbappé picked the one that will keep him in Paris.Paris St.-Germain has persuaded Kylian Mbappé to sign a new contract, one of the richest in soccer history, that will keep the French striker at the club for the next three years while he pursues a second consecutive World Cup with France and attempts to end the club’s string of failures in the Champions League.His decision, announced by the club Saturday, ended Real Madrid’s hopes of luring Mbappé, arguably the best young player in the world, to the most successful team in European soccer.Real Madrid, a 13-time European champion, had given Mbappé a contract offer that would have made the 23-year-old forward the highest paid player in its history. Its offer included a signing bonus of almost $140 million, a net salary of more than $26 million every season and complete control over his image rights.But P.S.G., the perennial French champion that is bankrolled by gas-rich Qatar, prevented him from leaving as a free agent by offering even better terms. P.S.G. offered a similar fee but a far higher base salary (also after taxes), keeping him on a team that already includes the Argentine star Lionel Messi and the Brazilian forward Neymar, who was acquired by P.S.G. for a world-record fee of $263 million in 2017.The saga surrounding Mbappé’s future had gripped France, and was considered a matter of such national importance that last month the French president, Emmanuel Macron, told a news conference he would do whatever he could to keep Mbappé, considered a national treasure, in the country.P.S.G.’s success in persuading Mbappé to stay is the latest sign that the dominance of global soccer that once rested in the hands of legacy clubs like Real Madrid, Barcelona and Manchester United has now shifted to a few deep-pocketed, Gulf-backed teams.The Spanish league La Liga in a statement called the deal “scandalous,” given P.S.G. had reported large financial losses last season, and said it would file a complaint with European soccer’s governing body, UEFA, as well as other authorities, including the European Union.P.S.G.’s confirmation that it had retained Mbappé came just over a week after Manchester City, owned by the brother of the ruler of the United Arab Emirates, confirmed that it had acquired Erling Haaland — a prolific Norwegian goal-scorer whose signature was considered by many an acquisition as highly sought-after as Mbappé’s.But unlike Haaland, whose contract had to be acquired by Manchester City for an eight-figure transfer fee, Mbappé’s expiring contract in Paris made him a free agent, effectively able to choose from among the highest bidders for his prodigious talents. The unusually brief length of his new contract at P.S.G. — three years — suggests he could already be planning his move, and his next payday.Amid an economic downturn caused by the coronavirus pandemic, few teams but the wealthiest elite have been able to make the type of marquee signings that were once a staple of every soccer off-season. But Mbappé had made no secret of his desire to move to Real Madrid from P.S.G., and the Spanish powerhouse went all out to recruit him. His expiring contract in Paris also meant he was a free agent, available without a multimillion-dollar transfer fee.In addition to the nine-figure signing bonus and the stunning annual salary — a huge offer even by Real Madrid’s standards — the club also was said to have offered Mbappé complete control over his image rights, a lucrative revenue stream that Real Madrid typically shares with its roster of stars.But P.S.G. and its Qatari owners managed to offer an even better deal in a transfer soap opera that has dragged on for more than a year, ever since Real Madrid first tried to extract Mbappé from Paris with the offer of a record transfer fee.Last summer, Real Madrid and its president, Florentino Pérez, were so intent in making Mbappé the centerpiece of the club’s efforts to return to the top of domestic and European soccer that they committed to pay more than $212 million for the forward, even though he would have been available as a free agent again this summer.For P.S.G., retaining Mbappé provides a welcome highlight in a season that has been played against a backdrop of uncertainty after yet another failure in the Champions League. The club was eliminated early in the knockout stages — ironically by Real Madrid, which will face Liverpool for the trophy in the final next Saturday — even though it had added several A-list talents in the preseason, including Messi, who joined from Barcelona on a rich contract of his own.P.S.G.’s strategy of bringing the most exciting talents, whatever the cost, has had mixed results. The team continued its dominance of the French league, the weakest of the five major European competitions, with yet another title this season, but success on the continental stage has continued to elude it, raising questions about the team’s durability in the toughest games.It remains unclear if anything more than an enormous salary increase convinced Mbappé to remain in Paris. He was reported to have been frustrated when P.S.G. rejected Real Madrid’s offers last season, with the P.S.G. sporting director Leonardo saying at the time that Mbappé wanted out.Mbappe has continued to flourish this season, however, leading the French league in goals (25) and assists (17). All the while, Real Madrid had continued to court him, and until late this week the Spanish club was convinced it had finally managed to persuade a player coveted by its president, Florentino Pérez. News media reports in Spain at the start of the week even suggested a deal was done.In recent days, though, that confidence began to evaporate as Mbappé delayed on putting pen to paper. Then, on Friday, Mbappe’s mother, who has been involved in the negotiations, said her son was weighing two offers. Real Madrid’s worst fears were confirmed on Saturday, when Pérez, in Belgrade to follow Real Madrid’s basketball team in a European final, received a message telling him Mbappé had decided to stay at P.S.G.For Mbappé, the deal comes amid major efforts to build his brand away from the field. The striker has spent months in talks with the United States-based talent agency Endeavor to create his own media company that will be modeled on one similar to a business built by the basketball star LeBron James. That new company could lift Mbappé profile, and his wealth, into the same ranks as Messi and Cristiano Ronaldo, superstars whose global stardom now outstrips the sport they play.With both Messi and Ronaldo now in their 30s, it is players like Mbappé and Haaland who will look to dominate soccer’s biggest prizes, including individual honors like the Ballon D’Or, awarded to the world’s best player, and competitions like the Champions League, a trophy both P.S.G. and Manchester City covet, but which neither has won. More

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    Real Madrid Secures $380 Million From Sixth Street

    The Spanish soccer giant has agreed to a joint venture with the investment firm Sixth Street in which profits from the Santiago Bernabéu Stadium will be shared.Real Madrid, the European soccer behemoth, closed a deal in which the investment firm Sixth Street, based in the United States, will pay about $380 million for a 30 percent stake in the team’s stadium operations.The announcement Thursday came amid growing optimism among executives that Real Madrid, a 13-time European champion, could complete a deal to sign Kylian Mbappé, one of the most sought after players in world soccer, as a free agent on a contract that could make him the highest-paid athlete in Real’s history.Under the terms of the contract, Real, which strolled to a 35th Spanish championship this month, would have no restrictions on how it spends its money. Capturing Mbappé would be a coup for Real, which has been chasing him since failing to persuade his current club, Paris St.-Germain, to accept as much as $200 million for him during last summer’s postseason.The deal between Real and Sixth Street also includes Legends, an American sports event management and hospitality company that is partly owned by Sixth Street. The partnership will last for 20 years and be run through a joint venture that will contain all of Real’s in-stadium income, with the exception of season-ticket sales.The investment is the latest part of Real’s attempts to grow new revenue streams from its celebrated stadium, which is undergoing a $1 billion retrofit, after which games will be played on a retractable field.“The transformation of the Santiago Bernabéu Stadium will be a turning point in the history of Real Madrid,” Real’s president, Florentino Pérez, said in a statement. “This agreement strengthens the club’s goal of continuing to significantly increase the stadium’s revenues from both sporting and other types of events.”While Real remains the dominant player in Spanish soccer and will compete in the Champions League final once more next week, it has been facing pressure to keep up with changing forces in the global soccer landscape. Despite generating more wealth year over year than practically any other soccer team, Real has struggled to compete for the best talent with clubs backed by deep-pocketed Arab states and billionaires. Turning the Bernabéu into what club officials have likened to a version of Madison Square Garden may help it maintain its muscle in the marketplace.The agreement also bears some hallmarks of the one Spain’s domestic league, La Liga, signed with another investment fund, CVC Capital Partners, that Real rejected and is suing against. CVC agreed to part with more than $2 billion in return for almost 10 percent of the league’s broadcast income for 50 years, a price that Real — and the league’s other best-supported team, Barcelona, as well as member-owned Athletic Club from Bilbao — thought was too steep.Real officials have pointed out that unlike that deal, the arrangement with Sixth Street, which also owns a portion of the N.B.A.’s San Antonio Spurs, is limited to the investment fund’s sharing in profits, not revenue, from the venture.“Real Madrid’s Santiago Bernabéu is hallowed ground in the world of football, and we are honored to be joining this partnership to invest in the innovative, long-term strategic vision that has guided the club’s consistent success over its storied history,” said Alan Waxman, a founding partner and the chief executive of Sixth Street.Real benefited from the pandemic by moving to its training stadium at a time when supporters were barred from attending public events. It returned to the arena this season even though construction work continues. The stadium’s refurbishment is expected to be completed in time for the start of the 2023-24 season.The team’s finances are largely under control even though the stadium debt is almost $1 billion. Servicing costs about $40 million a year. The cash infusion from Sixth Street will mean the club’s short-term debt will be wiped out and replaced with $260 million available to spend.Those finances could allow Real to add reinforcements should it manage to secure Mbappé. The striker said recently that he was close to announcing his plans for next season. P.S.G., his current club, has offered him a contract extension worth far more than the offer from Real. But Mbappé has made several comments indicating his desire to play in Madrid, a destination and team that have been magnets for the game’s best talent. More