Club news

MEETING WITH THE CREDITORS

28 Jun 2013
The LFP and the AFE led a meeting with the creditors in the quest to reach an agreement that’s the keystone in the administration process of Deportivo. The meeting took place in Madrid and was possible thanks to Javier Tebas.

Deportivo are seeing the light at the end of the tunnel; after weeks of blocked negotiations La Liga (LFP) took control of the situation and its president, Javier Tebas, decided to intervene. A couple of days ago he announced that he was organizing a meeting with the main creditors of the club in order to start negotiating the agreement regarding the payment of the debt.

The main reason for the existence of an administration process is to reach an agreement with the creditors, this means to establish a calendar in order to make the payment of the debt. After reaching the agreement the club increases the probabilities of survival as the liquidation is no longer possible unless the scheduled payments aren’t fulfilled.

For months president Augusto César Lendoiro has been unable to reach solid agreements, according to sources like newspaper La Opinión A Coruña it is because there are “dark forces” that are blocking any negotiation as they have their own agendas.

Besides, Lendoiro has been questioned by several people, from the legal advisor of the club, German Conchado, to the vice-president of the peñas, José Suárez. So, Tebas understood that it was a responsibility of the LFP to led the negotiations and search for a solution to the situation.

As a result he was able to arrange a meeting with the main creditors of the club: the banks, the Spanish Treasury and the Players’ Association (AFE). This first meeting took place in Madrid on Wednesday, away from the pressures of A Coruña.

In this first meeting the LFP and the creditors agreed that it’s fundamental to establish a calendar of payments in order to face the debt of Deportivo. It was even commented that a final agreement could be seal on next week. It means great news within the uncertainty lived in recent weeks.

Other positive news is that the AFE is supporting the effort of the LFP; the players are conscious of the situation and it seems probable that no one will present a demand against the club. Any club having debts with their players face a possible relegation if they fail to complete the payments before July 31, but for this the players must denounce the situation to the AFE first.  It would mean great news for Deportivo as any demand presented at the AFE will force the club to search for short-term solutions in order to avoid the demotion.

If the situation is finally fixed in Madrid it would leave the clear picture that the institutions in A Coruña are too passive in order to assume the current situation of Deportivo. And it’s that the inability of Lendoiro to unblock the situation is only comparable by the lack of interest of other institutions like the city hall or the Galician federation.

ARCHIVE NEWS JUN/13

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