Deportivo La Coruna has become the latest Spanish Primera Division club to seek assistance to avoid going out of business after announcing on Thursday that it has filed for bankruptcy protection.
Deportivo La Coruna has become the latest Spanish Primera Division club to seek assistance to avoid going out of business after announcing on Thursday that it has filed for bankruptcy protection. Deportivo will become the eighth club in the top division to either be under bankruptcy protection or still be paying off its restructured debts after emerging from protection.
The Galician club won the Primera Division as recently as 2000, but has stated it has submitted documents to the courts to request that it be permitted to re-negotiate its outstanding debts. The latest development means Deportivo becomes the eighth Primera Division club to either be under bankruptcy protection or still be paying off its restructured debts after emerging from protection.
Spanish tax agency AEAT in November moved to confiscate income from a host of Primera and Segunda Division clubs, with Deportivo reportedly having all of its revenue seized. The club was last month said to owe around Eur34 million to the tax authorities, with its total debts sitting at above Eur100 million.