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SBD Global/June 13, 2014/Finance

Newly Acquired Spanish Club Real Zaragoza's LFP Rights In Limbo Due To Debt

Spain's tax authorities have issued a "preventive embargo" on Spanish second division side Real Zaragoza's right to participate in the Spanish Football League (LFP) due to the club's €1.92M ($2.6M) debt, according to the EFE. This embargo "creates another setback for the club's new shareholders." Former Zaragoza Owner Agapito Iglesias said when he sold his majority share in the club that "the new shareholders had agreed to contribute" the €8M ($10.9M) necessary for Zaragoza to "fulfill its agreements and assure its continuation." The group that now owns Real Zaragoza "has said on multiple occasions that it considers finding an investor indispensable to give the organization viability" (EFE, 6/11).
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