Study shows heavy blow on Spanish football by global economic crisis

MADRID, Jan. 14 (Xinhua) – A study carried out by a professor of finance and economics at the University of Barcelona has reached the conclusion that Spanish football is suffering the effects of the global economic crisis.

The report, authored by Professor Jose Maria Gay, was published in the Wednesday edition of sports paper Diario AS and Gay drew worrying conclusions for the Spanish football clubs.

”Spanish football is bankrupt,” said Gay.

“For many years it has spent more than it has earned and now everyone is in debt. Everyone has been living in a bubble in a state of grace, because any other business in any different sector would already have had its assets put under an embargo by now,” headed.

Clubs such as Alaves and Real Sociedad have already been forced to call in administrators because of their precarious economic situation and Gay predicts there will be other clubs following the suit in the near future.

His study concluded that by the end of the 2006/2007-season the 20 Primera Liga clubs had debts totaling 2,779 million euros (3,686 U.S. dollars). Just under half of those debts now need to be repaid within 12 months and with expenses outstripping income, so Gay saw trouble on the horizon.

“Between now and September there will be between eight or 12 clubs who will need to go into administration,” he said, highlighting Racing Santander, Recreativo Huelva and Valenciaas as the clubs with the biggest economic problems.

Source:  2009-01-14 21:50:59

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Real Madrid president defends himself against vote rigging allegations

MADRID, Jan. 14 (Xinhua) — Ramon Calderon, the president of Real Madrid, defended himself on Wednesday against allegations of vote rigging that had been published in the Spanish press.

On Tuesday sports paper Marca accused Calderon of fixing the votes that were held during the Assembly of Real Madrid members in December.

At that meeting, among other motions, the club accounts were approved by a show of hands. Marca asserted that many of the people who voted in favour of Calderon’s motions, were either not club members or that they did not have the right to vote.

The paper continued its claims on Wednesday by publishing photos of the vote and highlighting those people who it insisted were voting for Calderon, but who were not entitled to vote.

If this is proved to be true, it would be a body blow to Calderon’s presidency, but the man in charge at Real Madrid insisted he is innocent of all accusations.

“We will have to see what happens, because at the moment all I know is what I saw on the front page (of Marca), which is not telling the truth.”

“I have never robbed anyone, nor have I robbed the Assembly. I swear on my honor that neither myself nor any member of the Board of Directors has manipulated or permitted that there was any manipulation of the Assembly,” Calderon told radio station Cadena Ser on Wednesday.

Calderon also made clear that he had no intention of abandoning his position at the head of the club.

“It is not in my personality to resign, that would not help my team and it would also be very irresponsible,” he said, before ruling out the possibility of calling fresh elections for the Presidency.

“That would be madness, with all of the people who could stand, it would be chaos. Elections are held every four years, there is a year and a half until the next elections and anyone who wants to stand will have their chance,” he said.

Source:  2009-01-14 21:54:06



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