Benfica pay debts by mortgaging rights

Following debts (€64m) on the €162m cost of the New Estadio da Luz, the Superliga club has decided to enter into a mortgage rights deal with construction company Somague, a subsidiary of Spanish firm Sacyr Vallehermoso. According to the agreement the club handed the company with ownership of five of its players (Armando Petit, Manuel dos Santos, Panagiotis Fyssas, Geovanni and Carlitos). The club will also have to give the firm another player each time one of them is sold. Somague also has rights to income from gate receipts, the hire of VIP boxes and broadcast revenue amounting to €7.5 million a year. Somague could exercise the rights granted, if Benfica failed to pay any of the 59 monthly payments of the initial €19.3m debt.

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