SHEPHERD COOLS ON MALLORCA?
Former Newcastle United chairman Freddy Shepherd's bid to buy top Spanish side Real Mallorca looks to have hit another snag. Corruption charges surrounding the out-going president have caused Shepherd to re-consider his offer.
The 66-year-old, who stepped down as Newcastle chairman in July 2007, was expected to fly in to Palma on Monday to finalise a €1m deal - but he failed to show.
Sources close to the businessman suggest that he has been horrified by recent allegations that the club's former long-term president and shareholder, Vincente Grande, was involved in corruption.
Grande's construction company has gone in to administration and the club are believed to have debts of around €34m, which Shepherd had initially been willing to cover. But this figure may rise to €50m.
Chasing up an Inland Revenue report, an anti-corruption prosecutor believes that Grande owes taxes of €540,000 - an issue that is being further investigated by Palma magistrates.
There may be other related charges against the Public Treasury, too, and according to Spanish sources this could be the tip of the iceberg.
Shepherd, fearing he would be buying a poisoned chalice, has cooled his interest in Mallorca, who are second-bottom in La Liga, having not won in two months.
Source: Diario de Mallorca (Spanish daily newspaper)
Former Newcastle United chairman Freddy Shepherd's bid to buy top Spanish side Real Mallorca looks to have hit another snag. Corruption charges surrounding the out-going president have caused Shepherd to re-consider his offer.
The 66-year-old, who stepped down as Newcastle chairman in July 2007, was expected to fly in to Palma on Monday to finalise a €1m deal - but he failed to show.
Sources close to the businessman suggest that he has been horrified by recent allegations that the club's former long-term president and shareholder, Vincente Grande, was involved in corruption.
Grande's construction company has gone in to administration and the club are believed to have debts of around €34m, which Shepherd had initially been willing to cover. But this figure may rise to €50m.
Chasing up an Inland Revenue report, an anti-corruption prosecutor believes that Grande owes taxes of €540,000 - an issue that is being further investigated by Palma magistrates.
There may be other related charges against the Public Treasury, too, and according to Spanish sources this could be the tip of the iceberg.
Shepherd, fearing he would be buying a poisoned chalice, has cooled his interest in Mallorca, who are second-bottom in La Liga, having not won in two months.
Source: Diario de Mallorca (Spanish daily newspaper)
Labels: Freddy Shepherd, La Liga, Mallorca, Newcastle
