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SHAREHOLDERS MEETING 2019

18 Dec 2019
Tension with some hope. The board was hardly criticized during the shareholders meeting, Fernando Vidal emerges as a future president and he and Paco Zas have promised to work together ahead of the winter window.

As it was expected, it was a complicate meeting for the board of directors and president Paco Zas. As soon as he entered the room, the public whistled and chanted asking for his exit. It was also a meeting with a full house at the Palexco building, the 31.5% of the shareholders were represented in the meeting (1,094 shareholders). It started with a delay of 42 minutes due to the large crowd wanting to enter the building.

Paco Zas addressed the public first, later several shareholders did the same, including Fernando Vidal, who confirmed that he is the main candidate to become president in January. There were protests for the state of the team and even for the design of the shirts for the current season.

The tenser moment was when shareholder Germán Rodríguez Conchado presented a violent speech asking for the exit of the board now. The board presented their resignation on last week, but since it needs time to be official (30 days), they will leave the club at the middle of January.

But Conchado assured that the exit should be imminent, and later the lawyer of the club, Óscar Rama, talked to the public and explained the reasons why it must wait until next month. This led Conchado to stand up and approach to the table in which Rama was sitting; it was the worst moment of the night as both men had a big discussion.

The only moment of fresh air for Paco Zas was at the time of voting the points in the agenda, the six points were approved with an average of 90% of the votes, it included the approval of the financial reports and the budget for the current campaign (88% of the votes). It wasn’t a surprise, because ex-president Tino Fernández gave his shares to the current president.

The best news from the meeting is that both Vidal and Zas promised to work together ahead of the winter window, and that the decisions will start to be made on Thursday. Fernando Vidal also said that the plan of ABANCA involves reducing the debt through a capitalization and save the situation in case of a demotion to Segunda B. A demotion will mean to lose the 81% of the income ahead of next season.

ARCHIVE NEWS DEC/19

ZAPPING

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