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Spanish Third Division Side Hércules Reveals Losses Of €6.8M In '15-16 Financial Year

Spanish third division side Hércules' shareholders approved of the team's '15-16 financials, according to the EFE. Hércules recorded losses of €6.8M after the European Commission ordered the team to pay back €6.9M to the Valencian Institute of Finance. The team would have posted a small profit of €77,000 if not for the order from Brussels. The team's budget for '16-17 is €2M ($2.1M) (EFE, 12/29).

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