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SBD Global/February 6, 2014/Franchises

Atletico Madrid Board Defiant Despite Court Ruling That Control Of Club Was Fraudulent

La Liga side Atletico Madrid's board has said that "it will study another Spanish supreme court ruling saying its control of the club has been fraudulently achieved," while assuring fans that the "stability" provided by the current regime will continue, according to Dermot Corrigan of ESPN. Spain’s highest court ruled definitively on Tuesday that a '03 share offering overseen by current club President Enrique Cerezo, current CEO Miguel Angel Gil Marin and former President Jesus Gil y Gil "should not have been allowed to take place, as the club was then the subject of a judicial intervention." The court verdict said that "Cerezo and the Gil family did not legally have the authority to push through the share offering which consolidated their control of the club at that time." The ruling is a victory for fan groups including "Senales de Humo," which translates as "smoke signals," which for years have been fighting to win back control of their club. But "it still remains to be seen whether the current Colchoneros directors can overcome this legal setback, as has happened previously" (ESPN, 2/5).
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