Las Palmas out of the red and out of trouble

Adjust font size:

Once on the verge of collapse, the Tercera liga (third division) club is confident of soon being clear of financial trouble thanks to a local official’s efforts and plenty of negotiations.

Jose Cobo Planas, a magistrate of the Spanish island community, has orchestrated the club overcoming a US$ 72 million debt in just over a year.

The club’s reversal of fortune involved creditors agreeing to cancel 50 percent of the club’s debt. Local sponsors have made up the difference, committing themselves to the club for the next 20 years.

“All we need now is a sponsor and to actually pay the money but there is almost total certainty that everything will be paid off within the next two months,” Planas said.

Planas worked with club president Miguel Angel Ramierez, lawmakers and shareholders.

“It seems like it has been a miracle,” Planas said. “(The club president) has a magnificent relationship with just about everybody. It has been a complicated process with lots of difficulties involved. With all the debt we had nobody thought it would be possible.” Planas also said a local magistrate who wasn’t a fan of the club stated that he was prepared to let the club die. “That made the whole issue explode and woke up everybody’s consciences,” he added.