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SBD Global/November 22, 2013/Finance

Spanish Second Division Side Deportivo La Coruña Reveals Club's Debt Is $229M

Spanish second division side Deportivo La Coruña will present to its shareholders at the club's annual assembly in December a current debt of €170M ($229M) and annual profit of €38,700 ($52,130) from the '12-13 season, according to the EFE. Deportivo "entered bankruptcy during the season and was relegated." Of the club's €170M debt, €159M ($214M) "corresponds to long-term credit." In '12, Deportivo presented to club members a debt of €98M, with €34M of that owed to Spanish tax authorities, and those numbers "shot up this  year." For the current season, Deportivo is managing a budget of €23M ($31M) in revenue and €18M ($24M) in expenses. These figures "will be submitted to club members for approval during Deportivo's AGM," which will take place Dec. 20-21 (EFE, 11/21).
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