La Liga Side Elche Hoping To Secure Credit Of Up To $16M To Add Players

La Liga side Elche's administrative council is "looking to obtain a credit" of €10M ($13M) to €12M ($15.5M) to "restructure its debt and pay it off long-term," according to M.H. Marcos of AS. The period "over which the club wants to make the payments is from 6-15 years." The club is "hoping to seal this agreement in September" to allow Sporting Dir Victor Orta to make "one or two signings and complete the roster" coached by Fran Escribá. Elche "is offering as a guarantee to complete this operation part of the economic rights from its TV contract as well as revenue from the season-ticket campaign that will start next summer." Such a credit "would solve the financial problems the team has right now" and would add €1M ($1.3M) to €2M ($2.6M) per year to the budget, including yearly interest of 4-6%. Elche's debt includes money "owed to the company that renovated its stadium, other clubs and investment firms" (AS, 9/6).