Spanish clubs have cut their debts in half over the last two years

Madrid (AFP) – Spanish soccer clubs have reduced their huge debt with the country’s tax authorities by over 50 percent in the past two years, a report by the league and the country’s sports council said on Friday. The debt to the tax authorities has dropped from a high of 650 million euros in 2013 to 317 million euros by September this year.

“The general evaluation is very satisfactory. We are very happy with the work done with La Liga, the results in the development of the debt and the financial health of football,” said sports minister Miguel Cardenal.

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Measures introduced in recent seasons have seen clubs set a budget for transfer fees and wages by the league based on their income which they cannot surpass. However, that hasn’t prevented La Liga sides from dominating on the field as Barcelona and Real Madrid have won the Champions League in each of the past two seasons, while Sevilla have claimed back-to-back Europa League titles.

“The development is incredible,” said the La Liga president Javier Tebas.

“The most important thing is that it has been done without losing the competitiveness of football. The proof is that our clubs have gone far in European competitions.”

An extra 42 million euros is predicted to be shaved off the debt in the remainder of the 2015-16 season with a further 225 million to be repaid in the following four seasons.