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SBD Global/November 7, 2013/Finance

La Liga Side Málaga Dir General Vicente Casado Says Club Has Paid Off Its $142M Debt

La Liga side Málaga Dir General Vicente Casado said that the team has "paid off all its debt to the Spanish tax authorities (Hacienda)," according to Carlos Cariño of AS. Casado said, "With the Spanish tax authorities and Social Security, we do not have any remaining debt." Casado added that the club's current budget is €42M ($57.8M) and that it has paid off the €103M ($142M) that it owed to the Spanish tax authorities. When asked about the club's "financial evolution," Casado said, "During the '09-10 season, the budget was €25 million. For the following season, it was supposed to be €50 million, but it reached €128 million and there was a budget difference of €78 million. The budget was projected at €50 million again in '11-12, but reached €116 million. Within this evolution, a sheikh contributed more than €150 million in lost funds. The reality is that the €150 million spent generated a debt during those years that was more than €100 million. The club has sold players exclusively for the purpose of paying the debt. Now, in terms of spending and revenue earned, Málaga is self-sufficient" (AS, 11/6).
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