Madrid still owe Arsenal for Anelka

Anelka's move from Highbury was valued at £22m

Real Madrid have been accused of failing to pay Arsenal for French striker Nicolas Anelka.

Anelka moved to Madrid from Highbury two years ago in a deal worth around £22m.

Madrid were due to pay the fee in annual £4m sums, but have allegedly failed to meet their first instalment.

The descrepancy came to light following the publication of Arsenal's annual report to shareholders.

The report is quoted in the Daily Telegraph as stating: "Real Madrid FC have not paid in accordance with the terms of the agreement.

"If they continue not to conform, this will cause £8m of the debt to be recovered in more than one year."

Anelka has since left Madrid for Paris St Germain, having scored just once in a 12-month spell with the Spanish giants.

Modified

Real Madrid denied there was any problem.

A spokeswoman said: "A payment schedule was agreed when the player signed for Real Madrid but that was modified when he moved (to Paris St Germain).

"Real Madrid will of course make all the payments due. There is no problem with Arsenal."

Arsenal, who signed Anelka as a teenager for £500,000 from Paris St Germain, declined to comment.

A club spokeswoman said: "We do not discuss players' contracts, whether it is in terms of their length or any financial implications."

Real president Florentino Perez admitted last season the Spanish giants were in urgent need of almost $325m to clear the club's debt of $250m and meet their immediate commitments.

A deal to sell the club's training complex to the north of the city, agreed in May, is expected to net the club close to $400m.

Real were able to spend over $66m to bring in Zinedine Zidane over the summer and Perez has said he expects the club's books to balance this season.