![Football: Madrid city demands 18.4 million euros from Real](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1472480989_1.jpg)
Football: Madrid City Demands 18.4 Million Euros From Real
Umer Jamshaid Published August 29, 2016 | 07:29 PM
![Football: Madrid city demands 18.4 million euros from Real](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1472480989_1.jpg)
MADRID, (APP - UrduPoint / Pakistan Point News - 29th August, 2016) - The Madrid city government said Monday it will pursue Real Madrid for 18.4 million Euros ($20.6 million) in illegal state aid that the European Commission ordered the club to repay. Real, Spanish champions Barcelona and other clubs were found to have received an "unfair advantage" by the commission in July due to tax breaks and overpriced land deals. "The city hall will establish the measures necessary to carry out the decision of the European Commission to recover the aid of 18.4 million euros granted to Real Madrid," the local government said in a statement. "At the start of September a two-month period given by Brussels to the city hall to present to the commission the total amount (total owed plus interest) to be recouped, a description of the measures adopted and the documents that show the club has been ordered to reimburse the aid will expire.
" The club agreed to sell a plot of land to Madrid's government in 1998, a transaction that eventually was not completed. As compensation for failure to complete the deal, Real received 22.7 million euros from the state in 2011. The value of the land at the time of the initial agreement in 1998 was just 595,000 euros. The commission's investigation showed that Real Madrid were entitled to compensation of just 4.3 million euros, therefore obtaining an advantage of 18.4 million. The club have already signalled their intention to appeal the Commission's ruling to the European Court of Justice.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
4 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
4 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
4 hours ago -
Ethiopia mourns victims of landslide tragedy
5 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
5 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
5 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
5 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
5 hours ago -
Airbus and Boeing supremacy secure despite turbulence
5 hours ago -
S.African police detain 95 Libyans at suspected military camp
5 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
6 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
6 hours ago