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EU Competition Commissioner Joaquin Almunia Warns Spanish Clubs Over Illegal Aid

European Union Competition Commissioner Joaquin Almunia has "warned that any Spanish clubs found guilty of receiving illegal state aid will have to pay the millions of euros involved back quickly, with interest," according to Dermot Corrigan of ESPN. Almunia was "responding to a question regarding the cases" of La Liga sides Valencia and Elche and third tier club Hercules, which all received "loan guarantees from the regional Valencian government, in moves the European Commission is investigating at present." However, his comments could "also apply to Real Madrid," which is under investigation by the EU authorities in relation to an "apparently favourable 'land-swap' with Madrid city-hall." The regional government guaranteed a total of €86M ($111M) worth of loans made to Valencia's "foundation," which "used the money raised to buy shares in the Liga club" (ESPN, 9/17).

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