Fernando Garcia Abasolo, financial vice-president of Atletico Madrid, has taken moves to stress that the club is not bankrupt, but added that their current debt levels are unsustainable.Los Colchoneros reportedly owe creditors in the region of €250-300 million, and Abasolo released a statement yesterday explaining that while the club are not in danger of dropping into administration, there is no leeway available to increase that figure.
He remarked: “The club is not bankrupt, but the club no longer has the room to increase the debt because it could reach a situation where there is a lack of liquidity, and that could lead to bankruptcy.
“The situation is open and notorious, and I have disagreement with some aspects of club management in relation to the structure of premier sports policy. There are consequences to the team if the economic resources are not provided.
“Therefore, this leads to less income and the immediate consequence of the alarming increase in borrowing, which is some €250-300m. It is time for change at Atletico Madrid, and all who love this club should provide constructive ideas and solutions, because we are staking them against the future.”
Atleti are currently 13 points behind Villarreal, who occupy the last Champions League qualification position in the Primera Division.
