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Volume 10 No. 22
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Spanish Football Clubs Reduced Debts By 21% From '12-13, Owe €595.4M As Of May '13

Spanish football clubs in La Liga and the second division reduced by €156.8M their debts with Spain's tax authorities from Jan. 1, 2012 through May 31, 2013, according to the EFE. This figure represents a 20.8% reduction, from €752.2M in Jan. '12 to €595.4M as of May '13.The decrease is a "consequence of a protocol reached in April '12 by Spain's Ministry of Education, Culture & Sports, the Superior Sports Council (CSD) and the Spanish Football League (LFP) to reduce the collective debt with the tax authorities" (EFE, 2/12).