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SBD Global/March 28, 2014/Finance

Argentine First Division Side River Plate Treasurer Hopes New Trust Will Raise $7.5M

Argentine first division side River Plate Treasurer Andrés Ballotta said of River's economic situation when he joined the club, "They papered the country with checks," according to OLE. River's execs "had to look for various ways to address its debts because of this." As well as "generating new revenue through marketing and by optimizing their spending, today is the day when River will approve of a trust that will be a financial respirator." Ballotta said that the money the club hopes to raise -- it is expecting 60M Argentine pesos ($7.5M) -- will be to "restructure debts, not to invest in new players or projects." The "guarantees for those that participate in the trust will be certain percentages of money from the sale of players and tickets" (OLE, 3/27).
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