Espanyol Announces '13-14 Financial Results, Reveals Total Debt Has Reached $166M

La Liga side Espanyol announced that it closed the '13-14 financial year with a deficit of €111,306 ($137,800), according to Juan I. Irigoyen of EL PAIS. Espanyol's net debt has ascended to €134M ($166M), which is down €7M ($8.7M) from a year ago. Espanyol President Joan Collet said, "We present an optimistic balance but we are aware that part of the debt has to be paid before this money can be generated" (EL PAIS, 12/1). In Madrid, Iván Molero reported Espanyol has to pay Spain's tax authorities €42.5M ($52.6M) before '18. Espanyol Financial Dir Josep Maria Duran said, "Unacceptable? It is very difficult, but until now we have done it." The club's revenue decreased by €5.8M ($7.2M) from the prior year. The numbers "are not even more negative because" they include €2M ($2.48M) from a deal with Power8 that will provide the club with €38.5M ($47.7M) by '21 "if the deal is maintained" (AS, 12/1).