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Spanish Malaga EUR 25 million in debt
Spain - 28 June, 2006
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Spanish Malaga confirmed that the Segunda Liga club has debts of EUR 25 million.
The figure was estimated to be situated at approximately that amount last week but has only been officially ratified following an emergency meeting at La Rosaleda. The news is likely to hamper the recently relegated Club's goal of carrying out a share issue and changing owners, although a decision on this matter is expected next week.
The majority of the money owed is in outstanding wages (at least EUR 10 million) and to the tax authorities (at least EUR 13 million), but could be reduced when the proceeds of transfer deals have been taken into account.
"The debt is a relatively small amount for clubs that operate in the Primera Liga," club president Serafin Roldan said. "We need the support of our fans now and season ticket holders. They provided 20 percent of income in the top flight but this year it will be as much as 70 percent because we will receive less income from advertising and broadcasting deals."
Debts are only likely to increase if the club fails to win immediate promotion back to the Primera Liga.
The figure was estimated to be situated at approximately that amount last week but has only been officially ratified following an emergency meeting at La Rosaleda. The news is likely to hamper the recently relegated Club's goal of carrying out a share issue and changing owners, although a decision on this matter is expected next week.
The majority of the money owed is in outstanding wages (at least EUR 10 million) and to the tax authorities (at least EUR 13 million), but could be reduced when the proceeds of transfer deals have been taken into account.
"The debt is a relatively small amount for clubs that operate in the Primera Liga," club president Serafin Roldan said. "We need the support of our fans now and season ticket holders. They provided 20 percent of income in the top flight but this year it will be as much as 70 percent because we will receive less income from advertising and broadcasting deals."
Debts are only likely to increase if the club fails to win immediate promotion back to the Primera Liga.
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