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La Liga Side Deportivo La Coruña Renames Stadium As Part Of Agreement With Abanca

La Liga side Deportivo La Coruña announced an agreement with financial services company Abanca to "refinance its debt through a credit with Abanca" for €45M ($51.1M), allowing the club to "liquidate its debts" with Spain's tax authorities, according to Juan Yordi of MARCA. As part of the deal, the club's Estadio Riazor will be known as Abanca Riazor until '25. The club will have 15 years to pay back the €45M credit. After receiving the credit, Deportivo deposited more than €43M ($48.9M) in the accounts of the tax authorities, "reducing its privileged debt to zero." This allowed the club to "leave the agreement" that it reached in '14 and increase its salary cap to be "more competitive" in La Liga (MARCA, 6/29).

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