Spanish Second Division Side Tenerife Agrees To Reduce Capital To Comply With Regulations
Spanish second division side Tenerife's shareholders on Wednesday "approved using the team's stadium for free as a club asset and the decrease of the club's capital to achieve asset balance and meet the economic requisites" of Spain's Superior Sports Council (CSD), according to the EFE. Tenerife President Miguel Concepción "moved the initiative forward during an 'important assembly,'" where 48.6% of the club's shares were represented, which was Tenerife's greatest member participation in a meeting in the last decade. Concepción "also highlighted that Tenerife has been able to continue reducing the debt and assured that the club is not at risk of disappearing." Tenerife "will include in its accounts the free use of the Heliodoro Rodríguez López Stadium, which is the property of the Tenerife town hall, as a heritage asset." Transferring "the stadium is valued" at €22.5M ($31.5M) (EFE, 4/30).