Club news

FRESH MONEY FOR DEPORTIVO

19 Jul 2013
The judge lifted an embargo of €3.65 million from the sell operation of Filipe plus the money collected from the socios’ memberships, big part of the money could be used to play the club’s employees and players. Meanwhile, Lendoiro is in Madrid.

A ray of light in the dark present of Deportivo, judge Rafael García lifted two of the many embargos that are affecting the club. One was for a fraction of Filipe Luis’ transfer to Atlético Madrid (€1.5 million). The other is the income generated by the socios’ memberships within the last month (€2.15 million).

The money was sequestered as the prosecution was demanding to use the income in order to pay the huge debt with the Tax Agency, but the judge decided that the money should go to the bank account of the club as it was requested by the club’s administrators.

According to the law, since the transfer of Filipe Luis occurred before the club went into the administration then the creditors of the club have the privilege to request the first €1.5 million. The remaining €2.15 million were generated after the bankruptcy petition was introduced, so the administrators are the ones that will decide what to do with the money.

Deportivo are still pending to resolve what will happen with the money that remains sequestered in different embargo cases, amount that’s around the €10 million. Besides, Lendoiro said last week that around €12 million are frozen at the club’s bank account, pending to resolve the disputes with the creditors. It’s highly probable that the €2.15 million will be used to pay the club’s employees and players. According to some reports the club owes around €12 million in terms of unpaid wages.

It’s a ray of light for the club’s employees and players, who have been unpaid for the last two months, some of them without having news from the club’s board of directors. So far it isn’t know if the players of Deportivo presented demands before the Players Association (AFE), the deadline expired one week ago and the demands should be covered before the end of the month.


LENDOIRO IN MADRID
On Wednesday, president Augusto César Lendoiro traveled by car to Monforte de Lemos with sporting director Ernesto Bello. They had a 30-minute meeting with coach Fernando Vázquez (see the picture) and talked of different subjects. The president also talked to the team’s captains, probably a new conversation related to the unpaid wages. There was a first reunion on Friday regarding the issue.

After these reunions the president traveled by car to Madrid in order to continue with the ongoing negotiations with the club’s creditors. He’s searching agreements to create a plan to pay the debt, but another main target is to have an initial consensus to unfrozen the funds from the bank account (€12 million), something that’s crucial for the club’s survival in the upcoming months.

The most recent news is that the president was close to reach an agreement, Radio Coruña (Cadena SER) informed that a final deal with the creditors was close to occur and that this agreement will include to forgive up to the 40% of the club’s debt.

ARCHIVE NEWS JUL/13

ZAPPING


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