Valencia, Elche were ordered to repay millions of euros in public subsidies. FMTNews EU
BRUSSELS: A European court on Thursday overturned an order that two Spanish football clubs, Valencia and Elche, must repay millions of euros in public subsidies.
In July 2016, after concluding an investigation into alleged breaches of EU state aid rules, the European Commission had demanded the clubs repay Spain.But the General Court of the European Union has now found that the commission, the EU’s executive arm, had made a “manifest error of assessment” in issuing the order.
The EU had argued that loan guarantees provided to the clubs by public bodies had allowed them to obtain finance at unfairly advantageous rates.Subscribe to our newsletter and get news delivered to your mailbox.
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