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Second Place Winner, December 2011 Photo Contest
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SANTIAGO, Chile, Jan 23 (Reuters) -

Chile's most popular soccer club Colo Colo, the winner of South America's Libertadores Cup in 1991, were declared bankrupt on Wednesday.

A judge ruled in favour of a financial company that had asked for bankruptcy because Colo Colo could not pay it back part of a $400,000 debt, a club director told Reuters.

``The leasing company requested bankruptcy and the judge accepted it. There is also another case of bankruptcy pending,'' director Sergio Castro said.

Colo Colo, the only Chilean club ever to win a major international competition, have been beset by financial troubles recently.

Last week, ground and administrative staff temporarily took over Colo Colo's Monumental stadium to demand payment of wages.

Colo Colo, named after a Mapuche Indian chieftain who fought Spanish colonisers in the 16th century, have won 23 Chilean league championships, more than any other club. They last won the league in 1998.

Chile's soccer season is on a break for the southern hemisphere summer and starts up again on February 16.

Colo Colo, who have run up debts of some $30 million, can appeal against Wednesday's ruling.

It was going to happen sooner or later!!!!!We were all expecting it...And so far away .. :(
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #3
Colo Colo se quedó con el primer clásico del año
El atribulado club popular al menos tuvo un respiro o consuelo en tan aciaga jornada: venció 3-1 a Universidad de Chile en Rancagua.
The Preseason continues for ColoColo and yesterday in Rancagua they took their first Clasico of the year in beating the Owls of U de Chile by the score of 3x1 ....Goals scored by Tito Tapia (2) and Caceres.

:happy: somewhat !!!!!
 

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Wow Tapia is still there. That guy has been such a dissapointment. I remember when I was in Chile back in 97 watching from quilpue ;) a match between the Colo Colo youth team and Independiente youth team. It ended 5-0 in favor of Colo Colo with Tapia netting a hattrick.

From then on he was one of my favourites and I expected him to be the long term partner for Salas. He goes to Perugia, doesnt do well. Then gets injured at Olympics and that the end. Average player playing for Colo Colo, but I hope he comes to Australia to see what he can do.

If Colo COlo come at all? :eek:
 

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Cachorro
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I hope things improve. I want to express my sympathy towards our friend Colocolo and all Colo Colo supporters; hang in there.

This decision will be reversed, I'm sure. The club has commercial appeal and I believe they can return to glory. :)
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #6
Garrincha said:
I hope things improve. I want to express my sympathy towards our friend Colocolo and all Colo Colo supporters; hang in there.

This decision will be reversed, I'm sure. The club has commercial appeal and I believe they can return to glory. :)
I have high hopes also...Chile's MOST popular Team is not going into oblivion overnite..No way jose..There are many in Chile willing to bail out the Team from the me$$ , but are waiting first for the dust to settle....

Thanxs for all encouraging words !!! :smileani:
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #7
ColoColo 0 Stgo Wanderers 1

Por fin: ganó Santiago Wanderers

Tras dos derrotas consecutivas, el campeón chileno enmendó el rumbo y venció por 1-0 al aproblemado equipo de Colo Colo, en un partido amistoso en el estadio Sausalito. El gol de los caturros fue anotado por Joel Soto, en el primer tiempo.

Finally: Stgo Wanderers won

After two consecutive defeats , the Chilean Champs got back on track beating a ColoColo full of problems at Viñas Sasusalito Stadium. Joel Soto scored for the "parrots" in the first half


:mute:
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #8
www.vivefutbol.com Poll

2267 Votes ...So Far this is what the General Public has said in regards to the ColoColo dilema:

Auction Assets
28.10%

Overturn Decision and get new Directors
10.37%

Become an Annonimous Society
36.44%

Intervien
13.28%

Nothing
11.82%


Votos contabilizados: 2267

The highest percentile is for the Team to become a business/ annonimous society..And That I believe is the solution, and that's how the mony will roll in !!!
 

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Colo-Colo gone as judge confirms liquidation of top Chilean club

SANTIAGO, Jan 28 (AFP)
The liquidation of football club Colo Colo, with a record debt for a Chilean outfit of 30 million dollars, was confirmed by a judge on Monday.
An original bankruptcy decision by judge Helga Marchant on January 22 was shelved the following day when the club president Peter Dragicevic said an advance payment would be made by one of their creditors.
The judge has finally ruled no such payment would be acceptable because it would adversely affect the other creditors of the club.



So this mean what?

:confused: :confused:
JF
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #10
JUAN F said:
Colo-Colo gone as judge confirms liquidation of top Chilean club




So this mean what?

:confused: :confused:
JF
I suposse it means the Bankruptcy cannot be overturned....So they are absolved from paying any creditors..The assets of the Institution are sold in auction to the highest bidders to reimburse a minimal part of the debt..And its square one again...Start from Zero....
The minute the ColoColo entity is taken and is registered as an Annonimous Society, which I believe will come next..The $$$ from investors will start rolling in...keeping the team and its players in the up and coming League. ;)
 

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Cachorro
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The "team"? Aren't the players' contracts assets of the institution, possibly along with training grounds and stadium (I don't really know what Colo Colo's assets would be - DO they have a stadium?)?

I mean, it's possible to get money from the transfers of players, so wouldn't the liquidators want to do that? Would an "auction" of players be even feasible? I mean, they aren't chairs, they'd need to agree to personal contracts with whoever "won" the auctions... this is strange and confusing.

I seem to remember FIFA forbids anyone but clubs to "own" player contracts - which of course is regularly disrespected in South America by player agents. So I don't know.

Good luck, Colocolo. :)
 

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You are right, Garrincha. Club's assets would mean players, stadium and training grounds all of which Colo Colo has. Also it could be their marketing licenses as well as TV rights.

What a mess, eh???:(
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #13
The Stadium ownership was tranferred out of ColoColo's (As an Entity) name a couple of years ago...So that's out of reach from creditors :excited: .. The rest only time will tell !!!
One thing I can tell you....The Universidades can suck an egg 'cause I'd never root for either !! :dielaugh:
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #14
ColoColo 2 12 de Octubre 3

More than 35.000 fans showed-up on wednesday nite at ColoColo's Monumental Stadium in an exhibition/Fund raiser match Vs the Paraguayan team 12 de Octubre...
Other than ColoColo's young players inexperience to put the balls in, the place was a total party for all that attended.
Monies other than to finance 12 de Octubres trip to Chile is to be used for the Stadium personel and players who have not seen a salary in a while !!!

:)
 

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Second Place Winner, December 2011 Photo Contest
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Discussion Starter #15
Different view, same event

Colo Colo fans back their defeated favorite

SANTIAGO, January 31 (DS) - Chilean soccer club Colo Colo, being recently declared bankrupt, lost 3-2 to Paraguay's 12 de Octubre in front of 30,000 people fans. The fans responded to the announcement that all the entrance fees would be paid to the players and club
employees, who had not been paid since September.
Last week a Santiago judge announced about the team's bankruptcy due to$88,721 unpaid debts.
Colo Colo's assets are around $30 million, although an external audit found out that the club's debts are 7.38 times that figure.

:mute:
 

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So if Colo Colo were to liquidate, would all the players be sold? Or would the contracts be terminated?

If the club had to start again it would be in amature soccer and they would have to go up the ranks :( but I'm sure it would be only a few years.

Hopefully all turns out well.

btw what is happening with the trip to Australia? Are they coming? colo colo do u know the squad?
 

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Chilean star Zamorano keen to save Colo Colo

SANTIAGO, February 3 (DS) -

Chilean star Ivan Zamorano, who used to display a grandiose performance for the world's greatest clubs like Real Madrid and Inter Milan, is presently in the twilight of his career. Zamorano, who has played with European clubs for 14 years, did never have an appearance in the matches of Copa Libertadores. However, he hopes to fill in the gap in the upcoming draw of the mentioned tournament and revealed over the issue in his interview to Chilean newspaper "La Tercera".

"I have played in the domestic championships of Spain and Italy, the Champions League, UEFA Cup and Mundial, but I never had a chance to play in Copa Libertadores."

The 35-year-old Chilean international presently with Mexican club America, said he is going to be back to Chile and assist his country as well as the football club Colo Colo, who are presently facing financial crisis.

"I would like to be back to Colo Colo to inspire our inchas. The club need me now, besides my father has always dreamed about it and I am keen to make it true.
"I will do my best and fight for the club as I am sure Colo Colo will never die - they are really immortal. I am going to sustain the club also with financial resources. I would be happy to enter the pitch at the stadium Monumental and play in front of our innumerable inchas."

The famous player said he will not focus only on soccer, revealing he is going to act in the movie of his close friend Juan Pablo Saez "Blue & White".
"I really wanted to act in a movie, but I think it will become my hobby, nothing more. My close friend, who is the producer of the movie, asked me to act and I agreed as I think it will be interesting to face a new experience," added Zamorano.


BamBam Si Sos GRANDE !!!!!!!!!!!!!!!!! :):):):):):)
 

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So, the debts are 7.38 times the assets of the club? That comes out to be around 221.4 million. That figure is preposterous. I don't believe it's gonna be easy for colo-colo to save itself. The institution has no real way of making money. Investors are not dumb, and at this moment in Chile, investing in soccer is a huge mistake. It's like throwing your money away. Alliances only go so far....

This all started when colo-colo built that mistake of a stadium. The sad truth is that no Chilean team has the resources to have a private stadium and to spend money the wat they did. I hope this works out cause w/o colo-colo the league is in serious trouble. TV stations have said that w/o colo-colo, they would only pay half of the money they pay now. Ouch.

BTW, you can always root for concepcion....:)
 

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Discussion Starter #19
LOKOGATO.....Great to see you in here....Viva Conce !!!! I hope you become a regular here...We got plenty of info on Chile, The League, Libertadores too.....Welcomed by !!!!!

;)
 
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