Squad news

THE BALANCE SHEET OF DEPORTIVO

17 Sep 2010
On the past week Depor Sport presented a report of the balance sheet that the club will present to the shareholders in the meeting of December; the main thing is that the debt has been reduced to €103 million.

One week after the presentation of the budget for the season 2010/11, Depor Sport published the balance sheet for the period July 2009 – June 2010; the main thing emphasized by Depor’s paper is the reduction of the debt to €103 million, which means the second straight reduction after the debt was reduced from €159 to €121 million during the past period.

It also means that the club has reduced the debt in 42% since the season 2002/03, time when the debt reached the peak as it was calculated in €178,149,001.50. The goal of the club’s officials is to erase the debt in a period of ten years and to take the budget to the level of the €40 or €45 million. The report still pending on the approval from the auditors and should be presented to the shareholders during the annual meeting that will take place in December.

Jose Luis Games, the director of newspaper Xornal de Galicia and a journalist that’s an specialist in economy, analysed the issue and wrote that, “It’s true that the numbers still to be worrying, because the debt still bigger than the incomes, but neither is suffocating. Now we are seeing numbers that aren’t a burden for the club, it won’t need the same financial sacrifice that in recent years, so the club will now live a period with more balanced budgets. I think that Lendoiro is on the way to start thinking in making investments in important assets, which means to hire players with bigger wages. We can’t think the club will regain the recent good times after a period of drastic adjustments.”

“I think it’s important to emphasise that at some point it was studied the possibility of finding a new investor, but with the current debt numbers we can start thinking that, alone, Lendoiro can carry out with this thing. We are talking of a company with 14,000 or 15,000 shareholders, and no one has a position to have the total control.” He added.

Another economist, Miguel Cancio from the university of Santiago and who’s also a Depor fan, was giving his opinion on the issue, ”The fans should be conscious that Deportivo, like the other teams in Spain, must face those numbers and within the last twenty years we have been living like that at Primera, even winning titles. This is something that will be studied in twenty years as a way to manage a football club. Despite the debt we are seeing that the club has been among the top ten clubs, and that even we have been fighting for Europe, while at the same time other clubs like Real Sociedad and Betis fell down.”

ARCHIVE NEWS SEPT/10

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