Atletico Madrid CEO Uses House to Help Back Soccer Team
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Champions League finalist Atletico Madrid is struggling to pay its bills on time even as the team chases European club soccer’s top prize.
Atletico was late with 37 percent of payments to suppliers last season, according to its latest financial statement. Chief Executive Officer Miguel Angel Gil said that, with Spanish banks restricting lending to the club during a six-year slump, the team turned to investors from Azerbaijan, the U.S. and Kazakhstan to help finance the signings of six players including striker Diego Costa. Gil said he has also used a home he owns as collateral to secure a loan.