Brussels threatens to investigate the debt of Spanish football
- Almunia, vice president of the European Commission and responsible for Competition, admitted that it is possible that the debt of Spanish football is investigated.
- He did not rule out a possible liquidation or restructuring of some clubs.
- The debt of Spanish football with the Treasury is 660 million and the total of 3,600.
- Seven clubs are already being investigated for alleged public assistance.
The announced investigation of the European Commission may not be limited only to the seven clubs under study at this time for alleged public support. The debt of Spanish football worries in Europe and Joaquín Almunia, vice president of the European Commission and head of Competition, admitted on Wednesday that it is possible that not only those teams will be investigated, but the entire League.
The pressure from the rest of European clubs seems to be behind this investigation, which may not have just begun. The ‘all is worth’ that dominated the League a few years ago and the flexibility that these clubs now have to return the money they owe (around 3,600 million euros ) upset Europe, which threatens to take action on the matter.
“We are watching,” said Almunia on the debt of Spanish clubs
The first step has been to investigate seven teams ( Real Madrid, Barcelona, Athletic, Osasuna, Valencia, Elche and Hercules ) for alleged illegal public aid, but it may not be more than the beginning. Almunia warned that “I do not exclude any possible opening of investigation into possible illegal aid, either because we act ex officio or because of complaints from third parties”, when asked if the debt of Spanish football with the Treasury would be investigated.
And is that within the alleged illegal aid investigated by Brussels could enter the enormous debt of the Spanish clubs, unapproachable for many of them in the short and medium term. The amount owed is 3,600 million ( 2,700 if you do not count the two ‘giants’, Real Madrid and Barça ), while with the Treasury is 660 million (at the end of 2012). That’s where Competition can open an investigation . Why has the clubs been allowed such a huge amount? Why is the payment of this amount so flexible? Could it be considered a kind of disguised credit and, therefore, illegal public aid?
The League has established strict economic control of football clubs for this and the following seasons, but should an investigation be opened, it would be necessary to assess whether it is sufficient. For now, the information has already been requested and will be studied to see if an investigation is opened: “We are looking at it”.
The threat, for the moment, looms over the Valencian clubs involved, and the shadow of a possible liquidation or restructuring , something that has happened in other cases, has not been ruled out by Almunia. “Companies in difficulty must be analyzed according to the European rescue and restructuring guidelines, we will see how the investigations progress and we will reach a conclusion,” he said.
Therefore, should an investigation into the debt of Spanish football in general be opened, many would be in serious danger of disappearing. Historical as Deportivo de la Coruña, Zaragoza, Mallorca, Espanyol Valencia or Atlético must very important amounts of money.
Tranquility in the League
The Liga de Fútbol Profesional ruled on the investigation on Monday, even before it was confirmed, and publicly showed its unconditional and absolute support both to the clubs under investigation and to the rest of them, ensuring that all of them have acted “in accordance with the acquis communautaire and current Spanish legislation at all times. “
The LFP has also been made available to all those clubs that need their support. Absolute support