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Deportivo close to seeking bankruptcy protection

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LA CORUNA, Spain (AP) -Deportivo La Coruna is on the brink of becoming the latest Spanish football club to seek bankruptcy protection after Spain's tax office embargoed "almost all its earnings," according to club president Augusto Lendoiro.

Lendoiro said late Thursday that the club had been forced to take the preliminary step toward claiming bankruptcy- a four-month period of negotiation with its creditors - after Spain's tax office embargoed a recent payment of ?15 million ($19 million) of TV revenues.

Lendoiro said his club would try to reach an agreement to avoid becoming the eighth topflight club either under bankruptcy protection or still paying off its restructured debts after emerging from bankruptcy.

As of last spring, clubs owed the government ?752 million ($982 million) in back taxes.

Copyright 2014 by STATS LLC and The Associated Press. Any commercial use or distribution without the express written consent of STATS LLC and The Associated Press is strictly prohibited.
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