LAS PALMAS GIVEN TWO WEEKS TO OUTLINE DEBT REPAYMENT PLAN

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The Tercera (Third) Division club was given until April 6 to guarantee the payment of its debts by Spanish Authorities, before taking further action against the financially troubled club.

The club owes EUR 24 million to creditors and local companies, businesses and banks have not stepped forward to help bailout the club. This comes despite the local Gran Canaria council agreeing on a deal with the club through 2027 that promises necessary funds in the case of the club being put into administration.

Sources close to the board told newspaper CANARIAS AHORA: “In current circumstances there is a 99 percent chance that the judge will have to sign the dissolution of the club in April.”