Deportivo’s legal advisor has today hit out at the club’s administrators as not acting in the club or the bank’s interests.
Administrators from AD Cryex have been working at the Galician outfit since January and last week completed their report on the state of the club’s books, adding a further €63m to the original €93m debt that President Augusto Cesar Lendoiro [pictured] had legally presented.
Lendoiro and the club have claimed that the financial situation would be alleviated if funds embargoed by the tax office (Hacienda) were released.
However, following on from a judge’s ruling to make available a particular €9m sum, plus VAT, due to the club as a second payment of television rights from Mediapro, legal concerns from the administrators mean that the money is still tied up.
The administrators are questioning whether the money can be used, or if either bank owed money – Novagalicia and Banco Gallego – have first claim on it.
The situation is proving much to the frustration of Depor’s legal team, even as a hearing to determine the money’s destination was suspended today in favour of private settlement over the next fortnight.
“In my opinion, the administrators are defending the interests of neither the banks nor much less Deportivo, they are defending those of the Hacienda,” German Rodriguez Conchado told reporters today.
“It was agreed to suspend the negotiations by all parties except Deportivo, who agreed to suspend with respect to the €9m sum, but not the €1.89m of VAT, which is what the administrators have asked for.”
Administrators have more than once criticised Deportivo’s management strategy, labelling President Lendoiro and his board as directly responsible for running the club into potential ruin.
Depor’s debt to the tax authorities currently stands at €93.7m, more than double the original €40m Lendoiro put in when applying for administration in January.
