by • October 19, 2014 • Ferrocarril Oeste, Nacional BComments (0)1190

Ferro Carril Oeste lifts bankruptcy, will hold elections soon

The Caballito based team’s administrator judge Margarita Braga will sign the end of el Verdolaga’s bankruptcy on monday.

Concluding a twelve year period after a request for the bankruptcy of Ferro Carril Oeste on 2002 after an outstanding debt of 53 thousand pesos on 2002 against Leonardo Ruperez, a particular holding IOU’s against the club, and after the decision by judge Rodolfo Herrera on 2002 to award such request, thus concludes a dark period for Ferro, even in spite of a payment that same week by Ferro to the government of three hundred thousand pesos. At that time, Ferro’s debt rounded about one million pesos.

After twelve years of institutional decline and meagre campaigns, resulting into Ferro’s descent into the depths of the Nacional B for years after decades of glory in the Primera División, el verdolaga will now stand a chance of its own, thus being allowed to decide its fate and path once again. Braga’s signature will end the intervention of the club through her own intervention as well as through a fiduciary fund, allowing the Club to elect its authorities once again and to be run with no interruptions.

The outcome of the signature has come through the cancellation of multiple debts through the resources generated by the sale of former player and Ferro fan Federico Fazio from Sevilla (Spain) to Tottenham Hotspur (UK) through a percentage of the sale owed to Ferro Carril Oeste as well as resources generated by the club itself to pay its debts. The sum of Fazio’s pass was ten million euros, which amounted for one million euros to the Ferro team (around ten million pesos to be payed). After this, on monday night, after the signature, the Ferro fans have called (as the featured image shows) for a banderazo- a public display of support for the team and the club- as part of a celebration so soon after the celebration of the club’s 110 years just weeks before. Dates for the club’s authority election have not been set yet.

Back in the eighties, Ferro was one of the most popular clubs in the country, with 50.000 paying fans. Now it has a fanbase of around 4.500 paying fans. Hopefully the club will resurge from its ashes. Cheers, Ferro- get back to where you once belonged!

Featured photo courtesy of Ferro Carril Oeste oficial.

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