WGA agrees on debt repayment plan with Spanish government
The man Terry Serepisos is turning to bail out his property empire and football team, Western Gulf Advisory founder Ahsan Ali Syed, has begun paying off debt related to his purchase of La Liga team Racing Santander.
Mr Ali took control of an insolvent Racing Santander in late January, assuming 13 million euros in debt the club holds with the Spanish Treasury, AFP reported.
He "has faced up to Racing's debts with the Treasury and paid part of the debt that was urgent to avoid a seizure of the club," said the finance minister of the northern region of Cantabria, Angel Agudo.
He said Mr Ali had paid around two million euros, and had agreed on a schedule of payments to cover the rest of the debt.
Mr Ali was described in the reports as an "Indian billionaire".
Matt Nippert
Wed, 23 Feb 2011
Wed, 23 Feb 2011
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WGA agrees on debt repayment plan with Spanish government
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