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SHAREHOLDERS MEETING 2018

29 Nov 2018
The shareholder approved the financial reports of the season 2018/19, the president had strong words for Miguel Otero and received the support of the 99% of the represented shareholders.

The meeting was possible as 31.8% of the shareholders were represented. At the start president Tino Fernández talked to the public about the goal for the season, “The challenge is to put back the team at Primera División, to compete at the elite and try to convert ourselves into a member of that closed league. What must remain clear is that the cleaning process isn’t in danger after the relegation.”

He was also talking of the failure on last season, "We understand that there were errors in the configuration of the working groups, which led to situations such as last season's case. But the fact that five months have passed served us to see that errors have been detected and remedied. The crisis made us grow and strengthen our culture. Surely, when we reach the new league, we will be better and more prepared."

Later Depor’s boss listed some of the numbers in the financial reports, like the earnings of €2.42 million, the fact the debt is inferior to €100 million (€90.49 million), or that the transfer of players during the summer reported €5.6 million.

After his speech, financial advisor Enrique Calvete explained some of the numbers in the financial reports, he emphasized the fact that, despite the relegation, Depor was the eighth club with the bigger number of season subscribers at Primera. Another fact that was emphasized is that the net worth of the club remains to be negative (-€73 million). This negative value has been decreasing and the only way to assure the survival of the club is to keep competing among the top two leagues in Spain.

Calvete pointed that the debt of Deportivo is the highest one at Segunda and probably the biggest of professional football, “Despite the situation, we have an important margin in order to compete and gain an impulse. The debt is well structured, even better than in other times when the debt was lower. Besides, Depor have a big social support, and we also have an important asset with television.” He said regarding the issue.

The shareholders also had time to address the board of directors, actually it was the longest period of the meeting (2 hours). In this period several shareholders supported and also criticized the work of the board of directors. The hottest part was the exchange of comments between former presidential candidate Miguel Otero and Tino Fernández. Otero has always criticized the board, but this time Tino answered him, something that didn’t happen before. At some point he even call him “a liar”

The environment was colder when other shareholders protested for the poor results when the team was at Primera, and the president replied that the important thing now is to stay together towards a new promotion. Later the shareholders voted on the financial reports. The 99.9% voted yes, so the financial reports and the budget for the season were approved. 

ARCHIVE NEWS NOV/18

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