EU examines Valencia's backing of football clubs

Share This Story



The European Union is investigating the Spanish regional government of Valencia for its guarantee of loans taken out by local football clubs.

A government official told The Associated Press on Thursday that the EU requested information on loan guarantees made by the regional government for Valencia and lower-division clubs Elche and Hercules. The official spoke on the condition of anonymity because its government policy.

Last month, a court revoked the guarantee given by the regional government for a loan from Spanish bank Bankia to Valencia. Bankia, which has been bailed out by Spain's central government, has appealed the court's decision.

The EU was already looking into a real estate deal between Real Madrid and the city of Madrid.

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by

SOCCER Headlines

More than Sports on MSN