Squad news

FINANCIAL RELIEF FOR DEPORTIVO

24 Jan 2013
Judge Zulema Gento lifted the embargo that was crushing the club, but just partially. The Spanish Treasury protested the measure. Depor collect €10.6 million that will help the club to pay the overdue debt, starting with the players’ wages.

It lasted more than it was expected, but finally the embargo over the club’s money coming from the TV rights was lifted as judge Zulema Gento ordered it on the past Friday. She was fulfilling the petition of the administrator of the club, Julio Fernández Maestre, who last week presented the first report after been named in the charge.

First to all to clarify that the Spanish Treasury sequestered almost all the incomes from the club in past months, and the latest resolution of judge Gento is only affecting the incomes coming from the TV contract, calculated in €10.6 million [€9 million plus taxes] so part of the money sequestered by the Treasury remains out of the club’s control, among other sources it’s the money coming from the ticket sales and the “Quinielas”. This money still can be recovered, but only negotiating with the Treasury.

The order signed by Gento said that, “This is a necessary measure for the continuity of the business and the credit rights that are now examined. If this money isn’t collected, then it would prevent the continuation of its activity, a fact that would seriously affect the interest of the process and its primary purpose: to pay creditors through the continued activity of the insolvent."

"The lack of cash or a regular source of income to meet the expenses indicated by the administration reveals the importance of the money sequestered by the Spanish Treasury for the continuity of the business. This money is without doubt the most relevant element for their continuity, to the point that the entity cannot survive in case of not having this money in the short term." The order said.



Julio Fernández Maestre, the administrator of the club
On Monday it was known that the Spanish Treasury protested the decision and they have one week to appeal, but the judge will hardly change his decision. Now the club is collecting €10.6 million for the TV contract signed with Mediapro. The money will be useful to pay the unpaid debt, starting with the players’ wages; they haven’t been paid since September.

Álex Bergantiños said last week that everything was okay, “We try to live with it. Luckily we have enough resources to live some months without any income, though everybody would like to be paid. We must schedule, they already told us since the start of the season what kinds of situations we were going to meet. According to everyone’s projections there will be people having problems, but I’m calmed, because I already made my plans.”

On Wednesday, newspaper La Voz de Galicia wrote the complete list of the club’s creditors according to the latest financial report, among the unpaid debts are money owned to some players: Ze Castro (€596,620), Daniel Aranzubia (€282,419.13), Bruno Gama (€150,812.87), Juan Carlos Valerón (€157,171.17) and Aythami Artiles (€43,717.96). There are even players of Fabril in the list, like the case of winger Diego Vela (€1,236.98) or striker Álvaro Lemos (€1,166.77).  The list also includes former players like Roberto Miguel ‘Toro Acuña’ (€765.000), Diego Colotto (€123,355. 26), Juca (€64,144.74) and former coach Lotina (€360,000).  The major part of these debts should be paid with the money coming from the television contract.

The next step of Fernández Maestre is to present a report detailing the reasons why the club wasn’t able t to cover their debts and that forced it to enter into administration. It should also present an exact calculation of the indebtedness. This report is expected to come out in March. In the meantime he will continue to be the one making the most important decisions at the club. As example he had to give his approval for the expenses in the trip to Pamplona in order to play against CA Osasuna during the past weekend.

ARCHIVE NEWS JAN/13

ZAPPING


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