According to three orders issued by the President of the General Court concerning Spanish football clubs, it appears that for the clubs of Valencia and Hercules, the suspension of payments of illegally collected State aid has been annulled, as the applicants did not establish the urgency of the situation. On the other hand, Elche will continue to benefit from the stay because of its financial situation. These three orders in no way prejudge the substantive appeal still pending before the European Court of Justice (ECJ).
The European Court of Justice (ECJ) fined Valencia CF, Hercules CF and Elche CF EUR 23.4 million, EUR 3.9 million and EUR 4.1 million, respectively for receiving credits guaranteed by the Valencian Institute of Finances (IVF) with an annual interest rate of 0,5%, far below the market conditions established for such kind of operations which, according to the ECJ, was to be considered as an unfair competitive...
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