Atlético resorts to public financing of ICO credits

The Atletico Madrid It continues to take steps to alleviate the situation generated by the almost two years of pandemic that weighed down all the clubs in the world. In the case of the mattress, it was no different, of course, almost two years without being able to count on an audience in the stadiums, months without being able to open the official stores, etc…

Now, according to the post’Palco23‘, the Atletico Madrid has made use of loans guaranteed by the Official Credit Institute (ICO), public financing. According to said media, the mattress club has requested a loan worth 52 million euros during the 20-21 season, as stated in the Commercial Registry.

In addition, said information indicates that the mattress club injected 26 million euros in its subsidiary of Mexicothe Atletico San Luis, to increase its stake by 12.4% in Atletico Madrid Potosi Clubup to 82.4%.

“According to the accounts of the Madrid group, the new line of credit formulated by the government served to deal with the lack of ticketing and having had to suspend the competition completely for almost three months”, said journalist A. Ferrer in ‘Palco23’.

According to the aforementioned publication, as of June 31, 2021, Atletico Madrid It had a debt with credit institutions worth 83.8 million euros, a decrease of 48.5% compared to the previous season, when it had a commitment worth 163 million euros.

USUAL PRACTICE BETWEEN CLUBS

Let us remember that before the start of the 21/22 season, the Athletic undertook a restructuring and refinancing of its financial debt, through the formalization of a new financing line, amounting to 300 million euros, for ten years and at a fixed interest rate of 2.75%; In addition to carrying out a capital increase for an amount of 181.8 million euros, which led to the entry into the entity of Ares Management Corporation, an alternative investment manager offering clients complementary primary and secondary investment solutions across credit, private equity, real estate and infrastructure asset classes.

The Athletic would not be the only one to have benefited from this type of public financing, entities such as Real Madrid O FC Barcelona they just did it. According to the Ministry of Finance, a total of 15 clubs have requested a total of 350 million euros.