1 Updates
Economic problems impact Spanish sports
Photo Credit: VALERY HACHE, Getty Images

Economic problems impact Spanish sports

Jul 9 2013, 1:42pm CDT | by

Madrid, July 9 (IANS) The ongoing crisis in Spain continues to give problems to some of the country's emblematic sporting institutions with the news Tuesday that one important team will disappear while another has just 45 days in order to find a sponsor and financial salvation.

Madrid, July 9 — The ongoing crisis in Spain continues to give problems to some of the country's emblematic sporting institutions with the news Tuesday that one important team will disappear while...

Filed under: news

YouTube Videos

 
 
 

1 year ago

Economic problems impact Spanish sports

Jul 9 2013, 1:42pm CDT | by

Madrid, July 9 (IANS) The ongoing crisis in Spain continues to give problems to some of the country's emblematic sporting institutions with the news Tuesday that one important team will disappear while another has just 45 days in order to find a sponsor and financial salvation.

Madrid, July 9 — The ongoing crisis in Spain continues to give problems to some of the country's emblematic sporting institutions with the news Tuesday that one important team will disappear while another has just 45 days in order to find a sponsor and financial salvation.

While the problems of Spanish football are now well documented after various studies have shown the level of debt in the game, despite having hosted the World Handball Championships last year, the sport of handball is deep in crisis, reported Xinhua.

Tuesday saw the confirmation that Atletico Madrid's handball team will disappear "due to the economic difficulties" the entity faces. Atletico had only reopened their handball section three years ago and this is the second time financial problems have caused it to disappear.

In the face of the disappearance of Atletico Madrid and the probability that other handball clubs could face, Spain's Superior Sports Committee has called an emergency meeting of the remaining clubs in order to discover the exact situation of the sport and to look for possible solutions.

Meanwhile cycling team Euskaltel-Euskadi, which is currently competing in Tour de France, has announced that it will also disappear unless it is able to find around 3.5 million euros.

Euskaltel's problems would have big repercussions in the Tour given that their orange clad fans always provide a great atmosphere in the stages around the Pyrenees mountains between France and Spain and their riders traditionally shine on the difficult mountain stages.

The team, which has been in existence since 1997, has a total budget of nine million euros, 3.5 million of which are put supplied by Euskaltel, a telecommunications company based in the Basque region of northern Spain, and 2.5 million euros which are paid by other sponsors. However, spending cuts, forced by the economic crisis, means the team has lost 3.5 million euros of public funding which now needs to be replaced.

Corporate director of the team Mikel Astorliza said, "There are various possibilities but we still need to reach an agreement on them. We are doing all we can do to sustain the team and to attract a company."

IANS

Source: IANS

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

Narang clinches men's 50m rifle prone silver
Glasgow, July 28 (IANS) Indian shooters continued to bring home more medals as Gagan Narang won the country's third medal Monday clinching the men's 50-metre rifle prone silver in the finals at the Commonwealth Games here.
 
 
Indian paddlers lose men's team bronze playoff
Glasgow, July 28 (IANS) India's men paddlers suffered a disappointing finish in the team bronze medal playoff, losing to Nigeria 1-3 at the Commonwealth Games here Monday.
 
 
CWG: Ghosal, Anaka lose in squash
Glasgow, July 28 (IANS) Indian squash players Saurav Ghosal and Anaka Alankamony bit the dust Monday bringing to an end their individual campaigns in squash singles at the Commonwealth Games here.
 
 
England 452/5 at tea
Southampton, July 28 (IANS) England were batting at 452/5 at tea on Day 2 of the third cricket Test against India at the Rose Bowl here Monday.
 
 
 

Latest from the Network

31 killed in Iraq violence
Baghdad, July 28 (IANS) At least 31 people were killed and 20 others wounded in the latest violent attacks and conflicts in Iraq, police source said Monday. Police patrols Monday found 14 unidentified bodies - 11 men...
Read more on Politics Balla
 
Narang clinches men's 50m rifle prone silver
Glasgow, July 28 (IANS) Indian shooters continued to bring home more medals as Gagan Narang won the country's third medal Monday clinching the men's 50-metre rifle prone silver in the finals at the Commonwealth Games...
Read more on Sport Balla
 
Renew humanitarian truce in Gaza: UN chief
United Nations, July 28 (IANS) UN Secretary General Ban Ki-moon Monday urged Israel and te Islamist Hamas movement to renew a humanitarian ceasefire in Gaza and called on those responsible to "step back from provoking...
Read more on Politics Balla
 
Indian paddlers lose men's team bronze playoff
Glasgow, July 28 (IANS) India's men paddlers suffered a disappointing finish in the team bronze medal playoff, losing to Nigeria 1-3 at the Commonwealth Games here Monday. India, who had won the bronze in the same...
Read more on Sport Balla
 
Ousted Thai PM faces power-abuse allegation
Bangkok, July 28 (IANS) Thailand's Election Commission (EC) is accusing former prime minister Yingluck Shinawatra of abusing power by using public funds to campaign for elections, local media reported Monday. EC...
Read more on Politics Balla
 
CWG: Ghosal, Anaka lose in squash
Glasgow, July 28 (IANS) Indian squash players Saurav Ghosal and Anaka Alankamony bit the dust Monday bringing to an end their individual campaigns in squash singles at the Commonwealth Games here. While Ghosal lost...
Read more on Sport Balla
 
England 452/5 at tea
Southampton, July 28 (IANS) England were batting at 452/5 at tea on Day 2 of the third cricket Test against India at the Rose Bowl here Monday. Ian Bell and wicketkeeper-batsman Jos Buttler were batting on 133 and 13...
Read more on Sport Balla
 
Hockey: India out to prove a point against Australia
Glasgow, July 28 (IANS) Having registered consecutive victories against Wales and Scotland, India will be hoping to continue their winning spree when they face defending champions Australia in their next group game of...
Read more on Sport Balla
 
England declare first innings at 569/7
Southampton, July 28 (IANS) England declared their first innings at 569 for seven on the second day of the third cricket Test against India at The Rose Bowl here Monday. Ian Bell was the top scorer with 167 while Gary...
Read more on Sport Balla
 
Hosts Scotland record best CWG gold haul
Glasgow, July 28 (IANS) Hosts Scotland recorded their highest Commonwealth Games gold haul here by picking up their 12th yellow metal Monday. Alex Marshall and Paul Foster won Scotland's historic 12th gold medal in...
Read more on Sport Balla