Saving Real Oviedo

Real Oviedo, a soccer club in Spain, has been undone by years of financial negligence and political strife. The current owner, charged with tax evasion, is missing. The club’s tax bill of 1.9 million euros is due at the end of the year. So a campaign was born to save the club by issuing shares:

Fueled by Twitter messages by a British sportswriter in Spain, fans from Britain, South America, China and elsewhere have snapped up thousands of shares. Real Oviedo alumni playing in the English Premier League bought some and urged fans to do the same. Real Madrid said it would buy 100,000 euros’ worth of shares. One fan near Portland, Ore., promised to get a Real Oviedo tattoo if others bought 100 shares. She got the tattoo.

By Wednesday, the team had raised about 1.57 million euros, mostly from people who had never been to Spain, let alone seen Real Oviedo play live. Nearly 40 percent of the more than 20,000 new shareholders are from 60 countries outside Spain. After the spasm of support, well-heeled investors from Britain, Mexico and Spain are studying the club’s books to decide whether to buy stakes.

It’s a pretty cool story. If you want to participate, here’s the link.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s