La Liga Levante To Reduce Debt To $42M By Next Year Following Recent Agreements

By next June, La Liga side Levante will have reduced its debt from €88M, "which had the club on the brink of bankruptcy," to just €32M ($41.5M), according to Rafa Marín of SUPERDEPORTE. Levante "will be able to approach a very different athletic level" starting in '18 if the club is able to remain in La Liga. Thanks to agreements reached with two banks and with the Spanish tax authorities, "within three years, the club will have to pay only" €1.5M ($1.9M) per year over a period of 20 years. With a "sound balance, Levante will be in a position to change its management model starting in '18, as it will be able to allocate more money to its roster" (SUPERDEPORTE, 9/4).