SBD Global/August 2, 2013/Finance

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  • French Football League President Says 75% Tax Rate Would Be 'Death' Of Sport

    French Football League (LFP) President Frederic Thiriez has insisted that the proposed new 75% tax rate for millionaires in the country could bring about "the death of football in France," according to SOCCEREX. Thiriez has claimed that "clubs in Ligue 1 would struggle desperately to compete with Europe’s other top leagues when it comes to retaining and attracting the game’s leading stars." Thiriez has received an offer from Finance Minister Pierre Moscovici to "discuss his concerns about the law," which has been proposed by French President Francois Hollande’s government. Thiriez: "We are talking, which is important. What is certain is that, if this tax were to be applied in the terms presented, it would be the death of football in France -- let us be clear about that. There would be an increase in costs of 30% in one fell swoop, and no company could withstand that" (SOCCEREX, 8/1).

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  • Spanish Side Deportivo Avoids Relegation After Players Back Off Demands

    Spanish second division side Deportivo La Coruña "will compete in the second division this season after being saved when players withdrew their demands for overdue payments just before Wednesday night's deadline," according to the EFE. The solution "arrived in time for the club to avoid relegation to the Spanish third division, which would have likely meant liquidation." At 11pm Wednesday, the players' union and Deportivo players "reached an agreement" (EFE, 8/1).

    PLAYERS COME THROUGH: The EFE also reported Deportivo goalkeeper Dani Aranzubia "has criticized the Spanish tax authorities, banks and bankruptcy administrators of the club" and assured that "if it was not for the players, the team would have been relegated." Aranzubia: "Because of us players we are not relegated. It is because of the effort that we have made to convince them. If it was up to the Spanish tax authorities, banks and bankruptcy administrators we would probably now be in the third division." Aranzubia, speaking at a press conference alongside eight of his teammates, expressed his desire "for the world to recognize the players' efforts, since some of them had been blamed by fans." Aranzubia said, "Finally, things will be on the right path, there will be a solution, and the people will see that we are the ones that made the most effort for this to move forward" (EFE, 8/1).

    XEREX RELEGATED: INSIDE SPANISH FOOTBALL reported third division side Xerex, which was relegated from the second division last year, has now been administratively demoted to the Spanish fourth division "for failing to meet payment deadlines." Xerex's relegation was announced "just past midnight, the deadline for a number of clubs to prove their solvency." The future of Xerex is "now in severe doubt, given the crippling debts and creditors seeking insolvency proceedings against them" (INSIDE SPANISH FOOTBALL, 8/1).

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