Racing Santander Board Walks Out after Financial Woes

The entire Racing Santander Board have resigned except for majority shareholder Ahsan Ali Syed, after financial difficulties have plagued the Spanish Primera club. 

A statement on the club website, read: “Members of the Racing Santander board (with the exception of the WGA company, represented by Ahsan Ali Syed) have decided to tender their resignation. The motive for this decision is to avoid placing the club in a situation of conflict and tension that could jeopardise its unity.”

Racing are currently second-bottom in La Liga and are struggling financially, having been declared bankrupt in July this year and placed into administration.

Syed bought the club in January but has yet to clear reported debts of 30 million euros ($42.4m).

Club president Francisco Pernia was among the board members who resigned. He got the attention of the fans earlier this week for the wrong reasons after he revealed on Spanish radio that he had treated himself to a luxury car at the club’s expense.