Real Oviedo out of immediate danger of folding

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Associated Press

Posted on November 16, 2012 at 6:04 AM

OVIEDO, Spain (AP) — Thanks to the generosity of its fans and an accounting error, indebted Spanish soccer club Real Oviedo will live to play another match.

Club president Toni Fidalgo says Oviedo has staved off immediate financial doom after an external auditor discovered that the club's immediate debts were significantly lower than originally thought.

Instead of needing $2.4 million, the historic club needed $1.4 million to avoid being forced by law to dissolve on Saturday.

Oviedo's fund-raising effort of selling new shares in the club has already surpassed that amount, bringing in $1.9 million since Nov. 3.

Fidalgo says the club needs another $1.3 million to ensure its viability this season.

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