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SBD Global/June 24, 2014/Franchises

Spanish Basketball League Side Manresa Has One Week To Raise Remaining $126,000

Spanish Basketball League (ACB) side Manresa is "entering the final stretch" to raise the total of €300,000 ($408,000) that will be required for the club "stay in the top category," according to the EFE. The club, which has already raised €207,000 ($281,000), still needs to raise nearly €100,000 ($136,000) more by June 30 to "stay in the ACB for another season." The club's sale of its shares -- for €60 ($82) per unit -- and the advanced pay it has received from one of its sponsors has allowed Manresa to "cover payments owed to Spain's tax authorities, social security and its players." Manresa President Josep Vives said, "It is like playing a finals, in which you cannot consider losing. We are not wasting a single second thinking we will not reach this. If by [next] Monday our continuity in the ACB is confirmed, we will be able to safely plan for next season" (EFE, 6/23).
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