- Associated Press - Friday, September 18, 2015

MADRID (AP) - The Spanish league says its top-tier clubs cut their debts to the Tax Agency by more than half since the beginning of 2013.

La Liga president Javier Tebas said Friday that documents presented to the agency on Sept. 1 showed clubs reduced amounts owing by 333 million euros ($378 million), or 51 percent.

Tebas said the debt reduction was managed without a “loss of competitiveness.” He said proof of this was that Spanish clubs had done well in European competitions.

New legislation due to come into effect in 2016 aims to allow Spanish clubs to negotiate a collective television rights deal, similar to that employed by the English Premier League. The move should boost TV income for smaller clubs and help reduce tax debts further.

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