Spain: Javier Tebas wants to reduce the total debt of clubs by €100 million (- 5%) in 2014-15

Javier Tebas, president of the LFP (Spanish Professional Football League) wants the total debt of Spanish clubs reduced by approximately €100m by the end of the 2014-15 season, he announced at a meeting with the Spanish parliament regarding the financial control system put in place by these bodies in 2012, on 30/09/2014.

The aggregate debt (to the Spanish treasury, social security, credit institutions, shareholders, suppliers and traders) of Spanish clubs amounted to €2.053bn on 30/06/2014. The goal of Javier Tebas is to decrease this to around €1.950bn by the end June 2015, a 5% decrease year on year.

"Without financial control, La Liga would have disappeared" (Javier Tebas)

• The LFP and the Spanish government have set up a system of a priori financial control (control of budgets), applied progressively from 2012, for clubs in the Liga BBVA and the Liga Adelante (Spanish second division).
• The protocol, signed between the LFP and the CDS (Spanish High Council for Sport), on 25/04/2012, consists of two phases:
  • the first phase extends to 2015 and requires clubs to not increase…