Real Zaragoza out of administration

Real Zaragoza have announced via their official website that the club is now out of administration after reaching agreement with creditors.

“From this moment Real Zaragoza can operate quite normally and will face a payment schedule in strict compliance as per the agreement stipulated with its creditors,” it read.

Real Zaragoza’s total debt amounts to €145m and while this development removes a large amount of money owed, the club’s liabilities still stand at a massive €92m.

The arrangement means creditors can expect to be paid back over the next nine years, during which time Los Manos must pay €9.5m per season to wipe the slate clean.

A large part of the arrears is taken up by money owed to the tax authorities, with whom Zaragoza have reached an agreement to pay over eight years, while the club will have to account for the degree of compliance every six months.

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