Posted: Friday November 16, 2012 6:18 AM

Real Oviedo out of immediate danger of folding

Decrease font Decrease font
Enlarge font Enlarge font

OVIEDO, Spain (AP) -Thanks to the generosity of its fans and an accounting error in its favor, indebted Spanish football club Real Oviedo will live to play another football match.

Club president Toni Fidalgo says Oviedo has staved off immediate financial doom after an external auditor discovered that the club's immediate debts were significantly lower than originally thought.

Instead of needing ?1.9 million ($2.4 million), the historic club needed ?1.1 million ($1.4 million) to avoid being forced by law to dissolve on Saturday.

Oviedo's fund-raising effort of selling new shares in the club has already surpassed that amount, bringing in ?1.5 million ($1.9 million) since Nov. 3.

Fidalgo says the club still needs another ?1 million ($1.3 million) to ensure its viability this season.
Hot Topics: NBA Playoffs NHL Playoffs Chris Johnson Jameis Winston NFL Draft Michael Sam Aldon Smith
TM & © 2014 Time Inc. A Time Warner Company. All Rights Reserved.
Terms under which this service is provided to you. Read our privacy guidelines, your California privacy rights, and ad choices.
SI CoverRead All ArticlesBuy Cover Reprint