Zaragoza files for bankruptcy protection

First division Spanish soccer club Zaragoza is filing for protection from creditors under Spanish bankruptcy law.

The team said Wednesday that it was in danger of a ”cash flow” problem due to a debt of $146.57 million.

The club said that its financial difficulties stemmed from its ”relegation three seasons ago, and the economic effort made to return to the first division just one season later.”

The club said it had ”been able to stabilize its debt by the end of the 2009-10 season, but it had been impossible to reduce it.”

Last season, Zaragoza barely escaped the drop again in the final round.