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SBD Global/April 1, 2014/Finance

Spanish Third Division Side Racing Santander Looking To Raise $1.4M By June

Spanish third division side Racing Santander's administrative council "has established an objective" of raising €1M ($1.4M) by June 30 to "face its most immediate payment obligations, and from there, to create a strategic plan to guarantee the medium-term future of the club," according to the EFE. The administrative council members, led by club President Tuto Sañudo, "recognized that the club's economic situation is 'very bad' but 'not desperate.'" Racing Santander has "started a campaign to encourage businesses in the region to lend a hand to the team." Racing "made a call to 'all of the society' of Cantabria to help the club." The club "also made it clear that the money it is hoping to raise is not to make investments, but to make the payments owed to players and coaches, all while club execs are already renegotiating obligations with other creditors" (EFE, 3/31).
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