Spanish Side Córdoba's Promotion To La Liga Triggers Clause Increasing Amount Owed

Spanish football side Córdoba's promotion to La Liga for next year "will bring economic consequences," according to the EFE. This is "because when the club signed an agreement with its creditors two years ago, a clause was included saying that if the club earned promotion to La Liga, an exemption would be eliminated, meaning the club most now pay" around €7M ($9.6M). Córdoba entered bankruptcy in May '11, when its debt was €8.5M. An agreement was reached with creditors in May '12 in which "the club would be relieved of responsibility for paying part of its debt." This meant Córdoba's debt was reduced to €5.8M, which it would pay over a period of five years, "but now the amount the club originally owed -- €8.5M -- is returning, per the agreement presented by economist Daniel Pastor and lawyer Alberto Escudero." At "this point, Córdoba has paid more than" €1M of its debt, meaning the club still must pay around €7M more by '17 (EFE, 6/30).