Sporting Gijon directors must pay or lose possessions

Spanish Sporting Gijon majority shareholder Jose Fernandez and ten former board members will have possessions seized unless they pay a EUR 1.8 million debt to the Banco Sabadell.

The directors gained credit with the financial institution in 1997 as a guarantee for unpaid taxes. In the early 1990s, tax authorities found irregularities in contracts that allowed football players to avoid taxes.

Possessions due to be confiscated include seven apartments, a restaurant, country farms, commercial properties and pension plans.

The ten ex-directors at the centre of the controversy are Angel Garcia Florez, Candido Cueto, Pedro Moran, Luis Mitre, Florentino Fano, Alejandro Fernandez-Nespral, Jose Luis Fernandez Avello, Luis Fernando Menendez, Juan Silvestre Garcia and Jose Ramon Fernandez de la Vega Nosti.

Various directors have debts of up to EUR 200,000 to pay off. Prison sentences are also a possibility.

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