Racing Santander files for bankruptcy protection

Published Jul. 8, 2011 8:18 a.m. ET

foxsports

Spanish football club Racing Santander has filed for protection from creditors under Spanish bankruptcy law.

Team president Francisco Pernia said on Friday that the club owes more than ?33 million ($47 million).

Pernia said ''To avoid greater harm, like being relegated, we have filed for bankruptcy protection.''

Last season, Indian tycoon Ahsan Ali Syed purchased the troubled club and met its immediate debt payments. But his support was not enough to keep the club from bankruptcy.

Pernia said the team ''cannot stop searching for a large shareholder because, as we have said for four years, Racing needs a solvent businessman behind it.''

Santander is the seventh Spanish topflight team currently under bankruptcy protection.