Club news

SHAREHOLDERS MEETING ON NEXT WEEK

17 Nov 2014
First exam for president Tino Fernández before the shareholders of Deportivo. The meeting will summit the financial reports for the last two seasons, the observations found against the previous board and the plan to increase the club’s capital.

Deportivo are calling the shareholders for an ordinary and extraordinary meeting. The act will take place on Tuesday, November 25 (20h00 CET). It’s the first big exam for president Tino Fernández and his board of directors, who are about to fulfil one year commanding the club.

There are twelve points in the agenda, some of them are critical and will be useful to determine if the president remains to be popular among the shareholders. The first four points are related to the financial reports of the seasons 2012/13 & 2013/14 plus the budget for the current campaign.

The financial reports of the season 2012/13 were rejected last December and are now presented with the changes ordered by the Bankruptcy Administration. These four points represent the ordinary meeting and it’s expected that there won’t be major problems to be accepted by the shareholders.

The most delicate part is coming with the extraordinary meeting. The fifth point in the agenda is the proposal to increase the club’s capital. This is a very important point as it’s part of the agreement signed with the creditors back in January.

A failure to approve the measure would mean a huge step back. The club fears that there won’t be enough shareholders to approve the point, and it’s that it’s necessary the 25% of the capital to vote it. The club could even be forced to make a new extraordinary meeting in case of not reaching the needed quorum.

About the remaining seven points in the agenda, the most delicate ones are the ones related to the past administration. The club will present the conclusions of the due diligence and it will surely reveal failures during the administration of Lendoiro, actually one of the points is to discuss how the club will be affected by the error to report the operation in the transfer of Filipe Luis, which will cost a fine before the Tax Agency.

The sporting situation of the first team will also be in the spotlight. Coach Víctor Fernández is not as popular as Fernando Vázquez was, and Tino Fernández might face some criticism after firing the latter before starting the season.

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