The President of the National Sports Council (CSD), Miguel Cardenal, has revealed that club debt in Spain is falling for the first time ‘in decades’.

Reports earlier this year put Spanish clubs’ combined debt to the tax office [Hacienda] at as much as €752m, but according to secretary of state for sport Cardenal, that figure is now declining.

“The steady increase in debts to Hacienda have been curbed. The total number is declining for the first time in many decades and the best example is the lack of signings clubs made this summer, replaced instead with loans and free transfers.

“The tax contribution of clubs is greater than their debt, which is shrinking.”

Clubs have been heavily criticised for not fulfilling their tax obligations during the economic crisis in Europe that has hit the Spanish particularly hard. Cardenal insisted that ‘prudence’ was now needed in viewing the clubs and the accusation that they receive preferential treatment.

“The goal for the clubs is to devote most of their resources to eliminate this situation and to reverse a position that has dragged on for years, in which the number has increased exponentially.”

Tags Debt Hacienda