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SBD Global/May 23, 2013/Finance

La Liga Deportivo Announces Plans To Minimize Costs, Respond To Judge's Criticism

La Liga Deportivo La Coruña has responded to criticism over misuse of finances during bankruptcy proceedings by "announcing stricter financial controls," according to FOOTBALL ESPAÑA. The club, which has "been in administration since mid-January," was cited last week by Spanish tax authorities (Hacienda) for misusing funds made available, specifically a €14.6M ($18.8M) amount previously embargoed by the Hacienda for unpaid taxes. The judge overseeing the club’s administration proceedings ordered a detailed report on the club’s costs and in receiving that on Monday criticized Deportivo "for ‘multiple invoices for expenses incurred,' calling the findings ‘disturbing.’" Deportivo has responded "by releasing a brief statement this week to announce new cuts" to minimize such unnecessary costs. These include "cutting WIFI access to media on matchdays, to reduce telephone costs, terminating Deportivo’s digital television channel, no longer buying daily sports publications and cancelling a subscription to La Voz de Galicia and also stopping meals for club officials who visit" (FOOTBALL ESPAÑA, 5/22).
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