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SBD Global/October 24, 2013/Finance

Spain's Education, Culture & Sports Minister Praises Spanish Football's Financial Progress

Spain's Education, Culture & Sports Minister José Ignacio Wert on Wednesday assured that "a situation of economic equilibrium in Spanish football is getting closer," according to the EFE. Wert: "We have found with great satisfaction that goals are being met. There has been a very substantial reduction in clubs' debts with Spanish tax authorities." Wert "attributed the progress to preventive control, which is having a 'positive effect on competition.'" A recent LFP report said that Spanish football's debt was at €752M in Jan. '12, and was reduced to €663M by January of this year, with a further decrease to €600M ($827M) in debt as of September (EFE, 10/23).
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