Spanish Government Agencies Unveil 'Spain Competes' Sponsorship Initiative

"Spain Competes" -- a new project launched by various Spanish organizations that "aims to increase investment in Spanish sport through a new line of patronage linked to advantageous tax deductions" -- has been unveiled, according to Carlos Marcote of EL PERIODICO. The initiative, presented Monday by Spain's Superior Sports Council (CSD), "was created with collaboration" between the Spanish Confederation of Business Organizations (CEOE), the Spanish Confederation of Small and Medium Businesses (CEPYME) and the Athletes Association (AD). It "will stimulate investment through a line of tax deductions equal to 40% of what a company donates -- up to a maximum of €50,000 ($68,800)." CSD President Miguel Cardenal said, "This aims to have money arrive to those who need it the most, the final link in the chain, to individual athletes, to small clubs suffering from the country's economic crisis" (EL PERIODICO, 12/16).