Deportivo files for bankruptcy protection

BY foxsports • January 10, 2013

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Deportivo La Coruna says it has filed for bankruptcy protection, becoming the latest topflight football club in recession-hit Spain to seek help to avoid going out of business.

The club said on its website Thursday that it has submitted documents to the courts to request that it be allowed to re-negotiate its outstanding debts.

Deportivo will become the eighth club in Spain's first division to either be under bankruptcy protection or still be paying off its restructured debts after emerging from protection.

In November, Deportivo said the Spanish tax office had embargoed its television revenues to help pay off its back taxes.

As of last spring, the clubs owed the Spanish government ?752 million ($982 million) in taxes.

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