MADRID: Cash-strapped Spanish Primera Liga outfit Atletico Madrid are preparing to sell their Vicente Calderon stadium to cover debts amounting to 270 million euros (US$335 million), it was reported here yesterday.
Atletico have created a company with assets worth 226.2m euros - the estimated value of the Calderon - with the aim of selling the site once it has been rezoned residential by local authorities, the Expansion newspaper claimed.
The club, whose leading shareholder and former president Jesus Gil died in May, will move to the La Peineta Olympic stadium while awaiting the construction of another venue.
The debts of Atletico Madrid, currently sixth in the Spanish first division, include 66 million euros in unpaid taxes.
Real Madrid carried out a similar operation in 2001 selling their training ground at the Ciudad Deportiva to the city to pay off debts of 380 million euros. – AFP