Spanish clubs owe €752 million in taxes

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Spanish clubs owe €752 million in taxes Empty Spanish clubs owe €752 million in taxes

Post by Raptorgunner Thu Mar 15, 2012 2:10 am

MADRID - Spanish football clubs owe the government €752 million ($982 million) in unpaid back taxes, according to figures released Tuesday.

The United Left party says figures provided by the government show an increase of nearly €150 million ($195 million) in unpaid taxes over the past four years, with topflight clubs making up nearly half a billion euros ($653 million) of the overall figure. At least six top division clubs are already in bankruptcy protection.

The numbers were released after the United Left, a communist party led coalition, submitted a written request to parliament for the information.
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Spanish clubs owe €752 million in taxes Empty Re: Spanish clubs owe €752 million in taxes

Post by Pedram Thu Mar 15, 2012 2:12 am

- Real Madrid CF promptly satisfies all its fiscal obligations, meaning the club had no outstanding debt with the Spanish Inland Revenue or the Social Security by 30 June 2011 (end date of the previous fiscal year) nor by 1 January 2012.

- As an entity that must sustain its activities with its own revenue, Real Madrid CF manages its finances efficiently and with discipline, which translates into a large cash flow and a strict control of debt levels.

- At the close of the fiscal year on 30 June 2011, the Net Financial Debt of Real Madrid was of 170 million euros, equivalent to a debt to EBITDA ratio of 1.1 that positions Real Madrid as a first rate company regarding solvency and credit quality according to this metric, which is one of the most widely used in the financial world.
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