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EU investigating 7 La Liga clubs.

  • 15-03-2014 1:03am
    #1
    Cantona's Collars
    Registered Users, Registered Users 2 Posts: 33,709 ✭✭✭✭


    http://as.com/diarioas/2014/03/14/english/1394825492_840358.html

    7 clubs in Spain received state aid which contravenes EU competition laws,Real Madrid, Barcelona, Athletic, Osasuna, Valencia, Elche and Hércules are the clubs under investigation & have until April 7 to submit their accounts for scrutiny.
    Three separate investigations are underway: one involving Real Madrid, Barcelona, Osasuna and Athletic Club - all of whom have yet to be converted into public limited companies; the second concerns Hércules, Valencia and Elche who are accused of being the recipients of public-funded loans while the third revolves around the alleged transfer and reclassification of land between Madrid’s regional government and Real Madrid. The Commission states that in all three cases, the clubs may have to return any undue state aid they have received.

    Real Madrid, Barcelona, Osasuna and Athletic Club are accused of possible tax privileges as a result of not being obliged to convert themselves into public limited companies in 1992. The former three clubs pay corporation tax at 25%, the latter, at 21% while the rest of Spanish clubs, who are PLCs, pay at the standard 30% tax rate.


Comments

  • #2
    losthorizon
    Registered Users, Registered Users 2 Posts: 4,565 ✭✭✭losthorizon


    Its a bit like what the EU accuses our whole country of with our low level of company tax which enables companies like Google to set up here and be taaxed here. Although our rates are worse.

    I find it a strange world where its not possible for clubs to be non PLCs while the EU takes no stance on say clubs that are taken over by Russian billionaires who have gotten their money by ill gotten ways. Tis a strange world.


  • #3
    Vinz Mesrine
    Banned (with Prison Access) Posts: 2,833 ✭✭✭Vinz Mesrine


    Nothing to happen to Madrid and Barca, the other clubs to be destroyed.


  • #4
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 77,701 Admin ✭✭✭✭✭Beasty


    losthorizon wrote: »
    Its a bit like what the EU accuses our whole country of with our low level of company tax which enables companies like Google to set up here and be taaxed here. Although our rates are worse.
    It's absolutely nothing like that at all. Low tax rates are not and never have been considered State Aid. Special tax or other breaks targetting specific industries and/or companies is under the State Aid umbrella and tbh I'm staggered that this has not been investigated in connection with some of the arrangements in place in Spain before.


  • #5
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 77,701 Admin ✭✭✭✭✭Beasty


    losthorizon wrote: »
    I find it a strange world where its not possible for clubs to be non PLCs while the EU takes no stance on say clubs that are taken over by Russian billionaires who have gotten their money by ill gotten ways. Tis a strange world.
    Anyone proven to have got their money through ill gotton ways are likely to face scrutiny under money laundering rules. I think you can safely assume that none of the companies you refer to have been proven to have gained their funds in such a fashion

    I would add that as this is an EU investigation it is much more likely that this will be properly investigated than under an type of domestic investigation. If State Aid is proven it can totally destroy the clubs in question as under EU rules they are likely to then be required to repay every cent of such aid received.


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