Injection of capital to Deportivo. The Galician club will receive from the financial entity Abanca a injection of twelve million euros with a convertible participative loan to cover the losses generated in recent seasons.
The club’s losses are a consequence of the relegation to Second Division B, now First Rfef, and the failure to achieve promotion. The negotiation of the loan will be the most remarkable point in the shareholders’ meeting to be held on December 22, according The voice of Galicia.
Through this operation, Abanca will be able to increase its percentage of capital stock in the entity. If the negotiation for the new loan is approved at the meeting, the financial entity as the maximum shareholder of the Galician club with 77% of the club social capital, would take 80% of capital.
This is the second time that RC Deportivo has received a participatory loan from Abanca. The first was in January 2020, after Fernando Vidal took command of the entity. The bank injected five million euros so that the club could increase the salary cap and strengthen in the winter market.
Abanca capitalized in February 2020 the loans for 35 million euros, in exchange for a share package equal to 77% of the club.
RC Deportivo has Abanca as the club’s maximum shareholder with 80% of the share capital
Until this new movement, Dépor had capitalized seventy million euros divided into three processes. The first for five million through the issuance of 83,199 new shares, corresponding to the convertible loan signed by Abanca in December 2019. The second, for thirty million, which coincides with another loan from the bank, and the last for 35 million, to offset amount to be capitalized.
In February 2021, Abanca pressured the club to force the resignation of Fernando Vidal and his board of directors. In turn, he proposed to Antonio Couceiro thus becoming the new president of the Galician club.
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