Spain: Osasuna desperate, propose to give up stadium

source: AS.com

Spain: Osasuna desperate, propose to give up stadium The second league club has debt beyond capabilities and offered to transfer its stadium and training centre to public authorities as part of payment. After 30 years Osasuna would reclaim ownership, if all claims are paid.

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Recent relegation from Primera División left Osasuna Pamplona in financial despair. The club owes €49 million ($62m) to the national treasury, which it cannot cover with own resources.

To prevent liquidation, Osasuna launched a proposal to transfer their stadium, El Sadar, and training centre as a form of guarantee. The facilities are estimated to be worth €43 million.

Los Rojillos have a few conditions to the deal, though. The club would need to continue using all facilities, covering current costs and paying annual lease fee. The fee would be part of repayment plan: €250,000 for every season in the Segunda División and €1.5 million for each campaign in the top tier.

The deal would be in force for 30 years. After that period Osasuna would reclaim their grounds, still obliged to cover the remainder of their debt. This bailout plan is yet to receive a reply from authorities.

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