 Espanyol have announced that they will
be cutting costs by 10% next season in order to balance the books. This will
include a drop in players' wages from the current €21 million down to
€19 million, and they are also looking to raise another €6 to 7
million in transfer fees. The club have been negotiating a syndicated loan of
€4 million with local banks, and they hope to have this in place soon in
order to meet their financial commitments. (16.03.13) |
| The court case began today for those
accused of defrauding second division leaders Elche by the issue of false
tickets. The fraud came to light when directors noticed a shortfall between
takings and the numbers actually attending games, and police investigations
uncovered that the head of the ticket office and other employees had reportedly
been creaming off between €12,000 and €60,000 a match. (14.03.13)
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| The future ownership of Valencia is in
the balance after a judge annulled a local government guarantee. Since 2009 the
majority shareholder has been the club's own foundation, who paid up €75
million in new capital after raising a bank loan from Bancaja (now part of the
state intervened Bankia) for a similar amount. The loan was guaranteed by IVF,
the financial arm of the local Valencia government, and with recent delays on
loan repayments the bank have been threatening to execute the guarantee, a move
which would effectively put the club in the hands of the local "Generalitat".
However now that the judge has ruled the guarantee null and void, the
foundation's shares will revert to Bankia if they default on the next loan
repayment, due at the end of August. (13.03.13) |
| Auditors BDO have been instructed by
Spain's superior sporting body, the Consejo Superior de Deportes, to carry out
an investigation in to the accounts of Guadalajara, and in particular to
determine whether last year's capital increase was correctly carried out. The
club were denounced by the LFP last month for irregularities when they carried
out the obligatory conversion to a sporting limited company (SAD), as they
claimed that the money put in for the capital was taken back out by the
shareholders afterwards. If found guilty, the team could be thrown out of the
second division. (12.03.13) |
| CD Xerez are in complete disarray!
Bottom of the second division, with finances at the limit, funds blocked by the
tax authorities and players already abandoning the club, there are serious
questions as to whether they can make it to the end of the season, or even to
the end of the month. President Rafael Mateos has intimated that he may walk
out soon after criticism from fans, and major shareholder Joaquín
Morales is desperately looking for someone to buy him out. Yet another victim
of the prolonged crisis in Spain! (08.03.13) |
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