Recreativo Huelva set to be sold for €1
The oldest club in Spain will be bought by Eurosamop once all the debts have been paid by the City Council for the modest sum of one euro.
The company Eurosamop have an agreement with the City Council in Huelva to buy all of Recreativo Huelva's shares for €1, provided the club has no debts, according to a document from the tax office that Efe has access to. The club have been in serious trouble financially in recent years and have been on the brink of bankruptcy in the past.
In that document, the contract states an agreement between the two entities and includes "acquisition of the totality of shares of the entity for the price of one euro," with the sale being conditioned by the city paying all of the club's debts beforehand.
After payments of the debts by the city - they have already paid €7.6 million to the tax authorities - Eurosamop could acquire the shares that the city currently hold, 75% held by the council and the other 23% held by Empresa Municipal Huelva Deporte SL for the stated price.
The City Council are responsible for the payment of the club's debts to the treasury and this has been discussed between them, Eurosamop and the company Dogma Abogados y Economistas SL, which is the administrator of Eurosamop. The tax authorities also state that the City Council have paid the bills owed to Endesa - the electricity company - although they do not indicate the figure paid regarding these bills.
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