Debt Restructuring

RCD Espanyol is a Catalan La Liga football club whose primary shareholder sought to raise €50 million to both refinance existing debts and raise new liquidity to provide additional working capital and financial firepower to support their ambitions.  The work was to refinance existing debt to preserve cash on the club’s balance sheet and ensure that the club became cash flow positive whilst servicing this historic, long-held tax-related debt.

We worked with management to build the club’s business case and financial models in a variety of scenarios, using our football knowledge to support the business case.  We selected five debt lenders who each offered unique solutions that ranged from structured fixed payments to cash sweeps to interest-only solutions, all with long terms that allowed the club to start making substantial repayments of debt.