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SBD Global/April 4, 2014/Finance

Spanish Basketball League Side Manresa Launching Sale Of Club Shares To Raise Capital

Spanish Basketball League (ACB) side Manresa launched a campaign to raise €600,000 ($823,000) through a sale of club shares, which will cost €60 ($82), according to the EFE. Despite "budget reductions for ACB teams due to Spain's economic crisis that allowed the club to finish the season with a surplus, this did not make for a reduction in its debt." After the "latest budget cuts," the club's debt is greater than its annual budget, "which makes day-to-day finances difficult." The club's last capital increase campaign took place in '08, when it raised €480,000 (EFE, 4/3).
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