New Report Reveals Massive Debts In La Liga

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    FooSe
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    New Report Reveals Massive Debts In La Liga

    Post by FooSe on Thu Jan 08, 2009 6:20 am

    A report issued today has revealed that some of the most successful clubs in Spain are massively in debt, and are technically bankrupt...

    Clubs in Spain have never been shy of flashing their plastic cards over the years but, according to a report today, most of those doing the spending have exceeded their credit limits.

    The study, which comes from the University of Barcelona, was published by the newspaper La Vanguardia today, and reveals that in total, during the 2006/2007 season, La Liga clubs were in debt to the tune of €3,000,000,000.

    According to the report, most of that debt comes from signings, which total €1,332,100,000, and it is no surprise to see Real Madrid at the top of the list.

    The defending La Liga champions lead the way with a debt of €527,000,000, whilst close behind them are the capital's other major side, Atlético Madrid, with €430,000,000.

    Behind those two come Barcelona, who have a debt of €388,000,000, and according to José María Gay de Liébana, author of the report, the only clubs who saved during that season were Villarreal, Racing Santander, Deportivo La Coruña and Gimnastic de Tarragona.

    Speaking to the newspaper today following the report, Liébana sounded concerned by the findings and even admitted some clubs are techincally bankrupt.

    "In general, the clubs suffer from a worrying and distinct lack of capitalisation," he mused.

    "Some clubs are even in a technical situation of bankruptcy, that is to say that their assets are lower than the existing debt and, consequently, with all their assets and investments, are not in a position to pay off their debts."

    Liébana also acknowledged that many of the teams in the report have now been relegated, such as Zaragoza, Gimnastic, Levante, Celta Vigo and Real Sociedad.

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