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SBD Global/July 4, 2014/Finance

Spanish Side Eibar On Track To Raise $2.3M Share Capital Required By La Liga

Spanish football club Eibar, which earned promotion from Spain's second division to La Liga for the '14-15 season, is "on the verge of raising the amount of money necessary to complete its promotion," according to EL CONFIDENCIAL. Eibar announced via Twitter that it has reached 95% of the "share capital" of €1.7M ($2.3M) that it "had to raise by Aug. 6 to meet La Liga financial regulations." The club's campaign "received a boost after its on-field promotion, which it earned by finishing first in the second division." The involvement of "people from all over the world -- there are shareholders from 38 countries -- has moved Eibar very close to its objective and its participation in La Liga is nearly guaranteed." The remaining 5% that the club is lacking amounts to "little more than" €86,000 ($117,000). The "uncertainty over the capital increase has not stopped the athletic department from working." Eibar has already renewed coach Gaizka Garitano and players including Txema Añibarro and Aitor Arregi and it has also signed Javi Lara and Dani García (EL CONFIDENCIAL, 7/3).
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