Soccer-Spanish clubs told to cut debt by a billion euros (Reuters)

By Iain Rogers MADRID, June 27 (Reuters) – The Spanish government has told the nation’s soccer clubs to slash one billion euros ($1.30 billion) from combined debt of around four billion by 2016 as part of a sweeping effort to reverse years of profligacy and mismanagement. The austerity plan for the 42 first and second division teams includes cutting 100 million euros from clubs’ wage bills next season and some might be told to sell players if they were not deemed to be getting their accounts in order, Secretary of State for Sport Miguel Cardenal told reporters on Thursday. …

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