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Mar 29, 2013

Cashflow problems hit Espanyol wages

Espanyol president Joan Collet has said cashflow problems mean the club cannot pay their players' wages in full and on time, and voiced his appreciation for their understanding of the situation.

Collet told a press conference on Thursday that he had met senior players and told them their monthly salaries could not be paid in full until a new line of credit was finalised.

He acknowledged that the financial situation at the club was serious, but said it was under control.

"We have agreed some payment dates with the players, although every month our income is small compared to the salaries," he explained.

"The matter of the credit is very advanced, but there are clauses which stop us getting the money by Tuesday [the end of the month]."

The president, who moved up from sporting director in November after predecessor Ramon Condal stepped down with the club's debts reportedly approaching €150 million, said the players were handling things well.

"I take my hat off to them," he said. "They are behaving magnificently. There are excellent human beings in this dressing-room."

The Catalan club's problems mean the future of many important figures, including that of coach Javier Aguirre, remain up in the air.

The Mexican has not yet been offered an extension to his current deal, which ends in June, Collet said.

Key players including captain and playmaker Joan Verdu are also out of contract this summer. Verdu, 29, has reportedly already discussed moves to Atletico Madrid and Sevilla.

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