F\"?- j. k. TV broadcast rights are paid 50% in July and 50% in January Current marketing contracts stipulate one payment of sosa in July and 2 payments of 25% each in January and March Jersey royalties are received in roughly equal monthly payments throughout the year contingent on actual sales Transfer fees according to contract but the payments agreed for each year are due in July Salary expenses: i. Monthly minimum payments of 3,D per player (total of 2,t} per month} ii. In August and February Fteal Madrid has to make two payments to the Spanish Tributary Agency of 2D% of the salaries as tax withholdings (for a total of 40%] iii. The main payments to players are due in two halves in July and January Investments in the Ciudad del Fteal Madrid: equal monthly payments throughout the year Corporate taxes are paid in 4 approximately equal installments in October, January, April and July Other operating expenses: equal monthly payments throughout the year In the case that cash payments exceeded cash inows Spanish banks would be willing to cover the temporary cash needs at costs to close to EUHIBOFt After preparing the cash budget, would you change in any way the strategic decisions analyzed preyiously? How would you try to structure the payments of the contracts? How much would you be willing to give up in order to obtain the suggested payment structure? II For extra credit}