Zaragoza announces big loses for past season

21:14, December 14, 2010      

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The President of Zaragoza football club Agapito Iglesias has said he has no intention of selling his shares in the struggling side despite the announcement of huge losses for last season.

The club's AGM on Monday announced a loss of 31 million euros (40 million US dollars) for the 2009-2010 season, meaning the overall debt has risen to a staggering 107 million euros (143 million US dollars).

With the club currently rock bottom of the BBVA Primera Liga with just nine points from its first 15 games, it will be hard for new coach Javier Aguirre to make permanent signings over the winter transfer window and as a result relegation looks a distinct possibility.

Iglesias in not popular with Zaragoza fans, but he has continually defended his actions, saying that nobody has come forward with an offer to buy the club from him and speaking in Monday's edition of Diario AS, he repeated that he had no plans to sell.

"I am not negotiating with anyone to sell Zaragoza," insisted the club President, who said he was open to a possible sale.

"If anyone wants to come here then they have the door open for them. Obviously they would have to have enough money, because if not then it won't work," said Iglesias.

Zaragoza have already sacked one coach this season, Jose Aurelio Gay, while his replacement Aguirre has seen his side draw two games away, but lose home matches against Villarreal and Zaragoza.

The club's next league game sees them travel to play Osasuna this Sunday.

Source: Xinhua
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