The financial entity Abanca has gone from maximum creditor to Sports to the main shareholder after the partners gave their support to the proposal of the Board of directors that the bank capitalizes 35 million euros of debt, thereby controlling 78% of the Galician club's share capital.
With the overwhelming backing of a 96% of share capital Represented at Palexco, where the extraordinary meeting was held, three capital increases were approved, although within the management body one of its members, Miguel Otero, which has been dismissed, prompted to vote against.
Otero intervened from the lectern in formulating questions prior to the Shareholders Meeting and minutes later the club president, Fernando Vidal, proposed to include in the agenda his dismissal as a director, since until now he could not dismiss him since that can only be done by members in an Assembly. 82.21 percent of the partners supported his departure.
He, in the end, former counselor, put the Galician club's payment obligation at 20 million euros less than what the club indicated, about 91 million euros, and recommended that shareholders vote against of the three capital increases that were on the Assembly's agenda for a total of 70 million euros.
Of these, 35 correspond to Abanca, in two debt capitalizations, one for 30 million and the other for 5, which will allow the Sports reduce the outstanding credit with the bank, which was close to sixty million.
The third capital increase will be open to members of the Sports and, subsequently, to the rest of the fans, between August 1 and October 4, for 35 million euros and, on it, the final percentage of the share capital that it will control will depend Abanca, between 44 and 78 percent.
The counselor José Luis Queijeiro He assured that the “essential priority” of the club's management body with these expansions is “to reduce the club's debt structure through capitalization.”
The Board, which had been convened initially in mid-March and had to be suspended due to the state of alarm, was held with sanitary measures (distance between subscribers and mandatory use of a mask) and 184 shareholders and 2,861 others represented were present.
Together they reached 42.81% of quorum and, therefore, the 25% necessary for it to be validated was exceeded, and 96% supported the capital increases.
President, Fernando Vidal, introduced the Board, which did not hesitate to describe as “very important at the moment” and for the “future of the club”.
The leader acknowledged that the club has a “sporting situation” that “everyone” is concerned about because it has dropped to Second B, at the expense of what happens outside the playing fields, with the resources it has presented for its suspended party with the Fuenlabrada.
“Together, together, we can take this game forward,” said the president before the wayward counselor exposed his Deportivo accounts, according to him, with irregularities, including “with the existence of a parallel notepad for 4,247,000 euros. not reflected in the treasury“
Also, Knoll, which will place its investigation in the hands of the Prosecutor's Office, He stated that the accounts include a debt of 4.46 million euros that were won in January 2020 in the Supreme Court from a company “linked to The league and Javier Thebes“, president of the employer's association, and another seven million with players who were in the squad in 2013 and who are satisfied.
Figures about which the former legal adviser of the club also spoke at the Augusto César Lendoiro As president, Germán Rodríguez Conchado, who was forceful at the beginning of his presentation in the turn of requests and questions: “They just stole the club from us.”
“Abanca alone, without anybody, can do whatever she wants. Everything you want. We do not paint anything. Not even the Council paints anything. The one who will have to decide who will be on the Council will be Abanca. Today 114 years of history of a club that has belonged to the members are over, “he explained.
Conchado also considered that the capitalization of Abanca it is the “cherry” of a process that began with, in his opinion, “regrettable and fraudulent” capital increase that he proposed Tino Fernández and that ended in 2017.
“From then on, the club began to be six people,” including the then leader, who went from 1,266 to 9,998 shares, according to the figures Conchado manages.
Fernando Vidal assured that the club owes money to the company Audiovisual New Aged, to which Otero had referred, and said that the accounts are backed by three audits.
Other shareholders used their Question Time to criticize the president of LaLiga, Javier Thebes, who are responsible for encouraging the Fuenlabrada travel to Galicia with several positive cases of COVID-19 in the squad and to suspend only the match between the Madrid club and the Sports in a day that had a unified schedule and that ended up being disputed.