NEWS
Friday November 23 2012
‘Depor more viable than people think’

Augusto Cesar Lendoiro has looked to reassure Deportivo’s fans that their financial situation will not cripple the club.

Depor had approximately €14m worth of assets frozen by the Hacienda [Spanish tax authorities] at the start of November.

The Galicians are facing the threat of administration and bankruptcy, if they cannot settle debts with Hacienda. The exact amount owed to the tax office remains unclear, with the club most recently posting total debts of €34m but most reports believing that real debt stands closer to the €90m mark.

At an event to honour season ticket holders who have reached 25 consecutive years supporting the club, President Lendoiro has looked to calm the waters.

“Everyone should be confident that the club has all that it needs and is much more viable than what people think,” he told reporters.

“Such companies are perhaps the only ones, if they enter into bankruptcy, they can be maintained perfectly because they have more revenue than expenses in a season. It’s bad when losses occur.

“No-one has to be concerned. We simply take one decision or another [enter bankruptcy or not], but any decision taken will be for the good of the club.

“In Madrid I am working on all aspects, economic and sporting issues. In Madrid it is very easy to meet with agents that oversee a high percentage of Spanish football. There, in a day, you can do what would take a week in Coruna.”

In the Spanish capital, Lendoiro has also met with the tax authorities, who have given him a period of four months to seek out creditors for the club, or see Depor enter bankruptcy.

“This period of time is requested to work precisely to reach agreements with the major creditors and, especially, with the Hacienda [tax office]. Along these lines, we are working, trying to find solutions, trying to talk, they understand Deportivo’s situation as it is not only one that is experienced in Spanish football, but that the whole society is going through.

“You will have to wait a little longer though. Such things, like everything, go slowly.”

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