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SBD Global/July 3, 2013/FinancePrint All
Spanish second division side Deportivo La Coruña now "runs the real risk of disappearing," according to Luis De La Cruz of AS. The club's bankruptcy administrator, AD Cryex, has given an ultimatum to Deportivo President Cesar Augusto Lendoiro. The ultimatum gives Lendoiro 15 days to sign an agreement with creditors, "and if he does not do it, the dissolution of the entity is proposed." Lendoiro's proposal is to pay over 20 years, without fees, and with a grace period of three years. The "creditors do not accept it." Deportivo's total debt is €156M ($203M), including €97M ($126M) to Spanish tax authorities and €32M ($42M) to banks Nova Caixa Galicia and Banco Gallego (AS, 7/2).
The interest in cycling sparked by the Olympics, the shift to online shopping and int'l expansion helped Internet-based cycle and triathlon retailer Wiggle "lift sales and profits last year," according to Andrea Felsted of the FINANCIAL TIMES. Wiggle Chair Andy Bond said that sales rose 20.8% to £140.8M in a 12-month period ending Feb. 3. Bond said the excitement around cycling in the Olympics and Tour de France "lifted the whole industry on to the next level of interest in the sport." He said this had not dissipated since the end of the Olympics and that there was the prospect of “further acceleration next year because the Tour de France is coming to the U.K.” (FT, 7/2).