If Gerard Pique is to be believed, Real Madrid should really be referred to as ‘Los Bankos’.

The Barcelona defender has claimed that Madrid’s big spending on flashy new players has been bankrolled by Spanish money lender, Bankia.

Pique’s claims raised eyebrows in Spain, because Bankia had to be given a lifeline by the EU as a result of Spain’s ongoing financial crisis.

Pique accepts that Barca have spent lavishly on players too, but he has accused Madrid of borrowing money from the bank to do so, whereas he claims Barca have bought their stars themselves.

"I have read that Madrid have spent €1.2 billion since 2002," Pique said.

"We have spent money as well, but we do not have Bankia."

But according to the Spanish media, if any bank was involved in helping Real to buy players at all, it was Banco Santander, who some reports suggest lent Los Blancos money to purchase Gareth Bale.

However, Perez insists that not only was Pique incorrect, but all the reports that Madrid borrowed money to buy players are fallacious.

"It is not correct what Pique said," Perez said, according to Marca.

"He is a good kid, so there is no need to keep going on about it."

Meanwhile, Pique- whose family name is Bernabeu- may or may not care to know that Los Blancos are set to spend another fortune, this time on renovations to their daunting home ground, Estadio Santiago Bernabeu.

According to Perez, who handily is a construction magnate, the plans to refurbish the stadium are taking shape.

"It will cost between €300 million and €400 million," he said.

"In the next weeks the winning project will be decided."

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