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SBD Global/July 23, 2013/Finance

Spanish Second Division Side Deportivo Forced To Stop Printing, Put Publication Online

Spanish second division side Deportivo La Coruña's official daily publication is leaving kiosks after more than eight years to move online, according to the EFE. The paper will be available to readers for free on the club's website immediately. The format change coincides with a delicate period for the club, which has been in bankruptcy proceedings since January. On June 11, a judge ordered that the club turn its political rights to its subsidiaries to bankruptcy administrators. These rights included the publishing of Deportivo's publication, the Galegas Sporting Edition. The debt the publishing of the publication presented in June had risen to €1.5M ($2M), with more than €400,000 ($527,680) owed to employees and more than €20,000 ($26,384) to contributors (EFE, 7/22). In Barcelona, Ríos & Segura reported the story "is simple:" if Deportivo President César Lendoiro does not pay the club's €10.9M ($14.4M) debt, Deportivo will go directly to the Spanish third division -- second division B. It could be worse, "of course, if bankruptcy administrators did not see the viability of the club, which would mean the club would immediately disappear." Deportivo bankruptcy administrator Julio Fernández Maestre said, "If I have to sign the request for liquidation I will do so with pain in my heart, but without fear." The "numbers do not deceive." Moving down from La Liga to the Spanish second division means earning €3M ($4M) instead of €18M ($24M) (MUNDO DEPORTIVO, 7/22).
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