Squad news

OFFICIALLY IN ADMINISTRATION

15 Jan 2013
Deportivo is officially in administration after the judge that’s managing the case accepted the petition made by the club on last week. She also named the administrator that will be in charge of the club: Francisco Prada.

On Monday, judge Zulema Gento accepted last week’s petition made by Deportivo requesting the administration figure. As Lendoiro told on Thursday it was only a matter of days before the petition was going to be accepted and it only lasted four days.

With the admission the club is now officially in administration. Two things are happening right now, the first is that the judge has named an administrator that will now be responsible for the major decisions at the club. The administrator is the company AD CRYEX S.L.P and the main responsible is Francisco Prada.

CRYEX is a company specialized in cases of bankruptcy that was born inside of CEU San Pablo University in Madrid as a response to the long list of companies that were going into administration. Actually, Prada and CRYEX were the ones that were named as administrators of RC Celta when the Galician club went into administration during the past decade.

As it was explained before, the figure of the administrator is a person or a group of persons that certify that the entity is fulfilling the plans regarding reaching a new payment plan with the creditors. In the past it was normal to name three persons as administrators, but in recent years the normal thing is to just name one. So, from now own, and until the club leaves the figure of the administration, Lendoiro and his board of directors will have to get the approval of Prada before sealing any negotiation, which includes signings, sells and any other big decision affecting the club.

The second news is that judge Gento also ordered to lift the embargo of the Spanish Treasury that was sequestering the incomes of the club, so any future income will now go to the club and not to the Spanish entity. In future days it’s expecting that the club will receive around €11 million from the TV contract, though the administrator is the one that will decide the destiny of that money.

ARCHIVE NEWS JAN/13

ZAPPING


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