€9m released to Depor

A court judge has ruled that a €9m payment disputed for between Deportivo and its creditors should go to the club.

Depor were unable to come to a resolution with its administrators and the two banks that the club has significant debts to – Novagalicia and Banco Gallego – over who had claim on a €9m sum of money paid to the club recently.

Subsequently, the money, which is a second instalment of the season from Mediapro for television rights, has been ruled over the weekend by the judge overseeing Depor’s administration as available to the club to invest.

However, there are conditions to the Galicians taking the money, including that it is spent only on elements necessary to continuing business, such as wages and cost of travel to games and not on ‘protocol expenses, meals between directors of the club, the cost of catering and hostesses in VIP boxes, magazine subscriptions, digital TV channels, etc…’

Tags Administration Debt Deportivo Lendoiro Tax