Osasuna repays 3 million of the loan for the reform of El Sadar

Osasuna has reported that this Monday it has amortized the first three million of the loan for the reform of the stadium in the three accounts of the banking entities that granted it. The club applied for three loans for a total of 16 million euros In order to carry out the remodeling of the El Sadar stadium and the loan installments will not begin to be paid until the end of 2021, in application of the stipulated grace period.

However, the guarantee approved in its day by the Government of Navarra establishes that the club amortizes an additional three million euros to the banks for each season that it is in the First Division and on May 1 the corresponding to the 2019-2020 season should be carried out, what was not done after the stoppage of the competition and by a criterion of prudence until verifying if LaLiga could or not finish.

At that time, the Government of Navarra accepted that Osasuna would make the amortization to the banking entities before September 10 and today the club has proceeded to deposit those three million euros in the accounts of Caja Rural, Banco Sabadell and Banco Santander.

In this way, The amount that Osasuna owes on the loan for the reform of the El Sadar stadium is reduced to 13 million euros. The plan is that at the end of this season the debt will be reduced by another three million, so when the 2020-2021 campaign ends, the amount that will remain pending on the loan will be 10 million, to which Osasuna says that the percentage established in the law on player transfers will have to be discounted, if any.