Real Madrid Swoop for Kaka

UPDATE, 7:16 p.m. In the first blockbuster move of the summer, Real Madrid has signed Kaka from A.C. Milan for what is being reported as a record-breaking fee. Kaka, 27, will join the new generation of galacticos on a six-year deal for some $90 million, according to the BBC.

Recession? What recession? When it comes to the brilliant Brazilian playmaker Kaka, it seems that everyone has forgotten to watch their wallets. The transfer saga of last January is quickly becoming the transfer saga of the summer — somehow eclipsing Cristiano Ronaldo.

Then again, the Ronaldo story doesn't have phantom bids and a deadline.

Real Madrid had been all set to swoop in for Kaka last week with a deal worth over $75 million until, apparently, Chelsea came up with an outlandish offer of GBP 73.5 million (roughly $120 million). It was splashed all over the papers and soon everyone knew about the bid. Everyone except Chelsea.

Within 24 hours, the Blues denied making the offer. Here is the club's statement, as reprinted by the Daily Mail:

We have never made an offer to AC Milan for Kaka, and therefore not one at this extraordinary level. As a consequence, we have not discussed a salary with the player either. Any reports to the contrary are totally untrue.

All this just five months after he turned down a big-money move to Manchester City, saying that he wanted to commit to A.C. Milan. But that, clearly, is no longer true. Milan said Thursday that Kaka's future would be decided on Monday, meaning today. No decision has come yet. Anyone surprised?