Club news

FERNANDO VIDAL IS THE NEW PRESIDENT

15 Jan 2020
Vidal is the 45th president in the history of Deportivo. He was elected by the 99.62% of the shares. The financial deal with ABANCA was also explained.

The extraordinary shareholders meeting fulfilled the needed quorum as 28% of the capital was represented in the meeting. (261 persons were in the room). The only candidate to the presidency that presented his project before the meeting was Fernando Vidal, and during the meeting lawyer Rodriguez Conchado presented his candidacy.

Later the voting process started and the 99.62% of the represented shares voted for Vidal, who became into the 45th president in the history of the club. The new board of directors is composed by eight men. Fernando Vidal is the president and there are seven advisors: Juan Antonio Armenteros, José Luis Queijeiro, Manuel José Vázquez, Federico Poncet, Miguel Otero, Argimiro Vázquez and Ricardo Javier González.

THE DEAL WITH ABANCA
Last week, Vidal and Juan Carlos Escotet, president of ABANCA, revealed the details of the financial agreement in order to reinforce the club. The deal is a loan for €5 million, with €2 million directly invested in order to increase the salary cap ahead of the winter window. Later this loan will be converted in capital in a meeting that has been announced for February.

Currently, ABANCA has an active loan with the club for €58 million. The increase in the club’s capital will raise the amount of the capital to €25 million, and now ABANCA will be the main shareholder with 30% of the total.

VIDAL ADRESSED THE MEDIA
After been elected, the new president talked to the media; “We promise with a humble behavior that our main goal is to rescue Deportivo from darkness. You all know the situation of the club, we are in a delicate situation, at the brink of relegation and with a big debt that menaces the future. We don’t work for the applause, and only ask for the respect of the public to all the members of the board.”

“We will like to put the clock in zeros, we will also like to have a long participation in the ownership of the cub, but that’s no longer possible. The club reached a total debt of more than 160 million euros, and today the debt is above the 80 million, we don’t even were able to compete for a third season at Segunda, so ABANCA rescued the club and also our feeling of ownership. ABANCA brought fresh air and are allowing us to dream with the permanence.” He added.

Vidal also talked of the current goal of the first team, “But things are done, next season, in the best of the cases, we will be competing in the same league, and for our own situation, the only goal seems to be to compete again for the salvation.  So, for the next two months we will fight in order to secure the permanence and find the financial resources to change the scoop. We will also continue supporting the female section, and will also try to shift the academy, but for that we need the patience of everyone.”

SIGNINGS
After the meeting, the new boss talked to reporters and gave details about the winter window. He said that at least three new signings should be announced before Sunday’s game with Cádiz CF, one of them is midfielder Uche Agbo (24, Sporting Braga).

Later he confirmed ongoing negotiations with two ex-Depor players: Celso Borges and Pablo Insua. The first could be ready on next week, and about the centre-back, Vidal said that the only pending issue is to see SD Huesca finding a replacement for him, and that this arrival will mean the exit of a current centre-back at the team. 

ARCHIVE NEWS JAN/20

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