Racing Santander sale speeds along

The sale of 53 percent of Spanish Racing Santander's shares by the local Cantabrian government is proving a success.

Local financial ministers Angel Agudo and Javier Lopez Marcano said in a news conference that an audit showed "the process has been carried out cleanly, transparently and fairly without any cost to the public."

Agudo said the report had two aims: Integrity to verify the purchase and the sale process of shares, and to analyse the financial consequences for the local authorities.

The Primera Liga club had debts of USD 5.7 million at the end of 2004, enough to bring about bankruptcy. Debts then increased to EUR 23 million which forced the Government of Cantabria to sell its shares in order to turn the situation around. All concerned in the venture have been surprised to see that profits of EUR 8,000 have been made, putting the club back on track financially.

"We've had to put up with insults and criticism but know our course of action makes sense," Agudo said. "The political debate has to stop."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.