>From Reuters via the Guardian: BRUSSELS, Nov 11 (Reuters) - The European Commission has launched an investigation into a controversial Italian law aimed at helping the country's cash-strapped soccer clubs.
The probe into Italy's 'Save Soccer' decree, which was adopted in February, will examine whether it violates EU rules on state aid and accounting, a European Union source said on Tuesday. The law allows debt-hit soccer teams to spread the cost of expensive player signings over 10 years instead of the standard three-year period that all other companies are subject to. Italian soccer has been suffering from increasing debt problems affecting clubs at all level. In 2002, one of the top clubs Fiorentina went bankrupt and were forced to reform. A recent survey by financial daily Il Sole 24 Ore showed Serie A, the country's top league, posted a combined operating loss of 948 million euros ($1.03 billion) last season with wages gobbling up 85 percent of revenue. Debts soared 41 percent to 2.5 billion euros. When the law was passed it ignited the wrath of Italian opposition and coalition politicians, businessmen and commentators who feared a conflict of interest for Prime Minister Silvio Berlusconi, who also owns AC Milan. Berlusconi took over the reins at Milan in 1986, and has modelled his politics on populist soccer chants, naming his party Forza Italia after a soccer rallying cry -- Go Italy! Under the 'Save Soccer' amendment, clubs would be able to reduce their annual debt. According to Italy's La Repubblica, Inter has written down player value to the amount of 319 million euros, Milan AC has done so for 242 million euros, A.S. Roma for 234 million and Lazio for 213 million. Juventus, which won Italy's Serie A league last year, did not make use of the decree. ------------------------ Yahoo! Groups Sponsor ---------------------~--> Buy Ink Cartridges or Refill Kits for your HP, Epson, Canon or Lexmark Printer at MyInks.com. Free s/h on orders $50 or more to the US & Canada. http://www.c1tracking.com/l.asp?cid=5511 http://us.click.yahoo.com/mOAaAA/3exGAA/qnsNAA/GtUolB/TM ---------------------------------------------------------------------~-> Please use [EMAIL PROTECTED] for general discussion. To unsubscribe send a blank message (from the email account in question) to: [EMAIL PROTECTED] Join as a full member of IMUSA today: http://www.imusa.org/join.htm Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
