Five Benfica players put up as security on Euro debt

Lisbon - Portuguese champions Benfica have pledged five players to a builder as security on a debt related to the construction of the club's new stadium, which hosted the Euro 2004 final.

Under a contract signed in January with builder Somague, a unit of Spain's Sacyr Vallehermoso, the firm will acquire rights on the passes of the players if the club misses any of its monthly payments on a 19.3 million dollar debt, business daily Jornal de Negocios reported Monday.

Portuguese international midfielder Petit and Greek international defender Panagiotis Fyssas are among the five players which Benfica has offered as debt security, according to a copy of the contract seen by the newspaper.

Brazilian winger Geovanni, former Marseille defender Manuel Dos Santos and Portuguese striker Carlos "Carlitos" Cunha are the other players involved in the deal.

Benfica's new 65,000-seat Stadium of Light was one of ten venues which Portuguese football clubs and local municipalities either built from scratch or completely refurbished in order to host the three-week European football finals won by Greece last year.

Portugal's 18 first division football clubs, including the big three of Benfica, Sporting and former European champions FC Porto, all sank deeper into debt last year as higher costs offset an increase in revenues.

During the 2003/04 season the clubs generated 278.1 million euros (337.2 million dollars) in total revenues but costs increased to 279.3 million euros, according to a survey by consultancy firm Deloitte published in May. -- AFP News

Click Here To Have Your Say On This Story

Brudirect.com News