RIAS Newsletter 05 | Page 2

FOREWORD Mikael DASHIAN Source: RIAS This RIAS Newsletter issue has been in the making for a little longer time than the previous ones. It is attributed to production. We need improvements to appear more often. This is the very reason why I get the opportunity to point out a very important event in sports and finance which passed underestimated. Long-lasting investigation of the European commission finally resulted in quite significant desicions. These concern activities of a few football clubs from Spain, namely Real Madrid C.F., Athletic Club de Bilbao, Futbol Club Barcelona, Club Atlético Osasuna, Elche Club de Fútbol, Hércules de Alicante Club de Fútbol, Valencia Club de Fútbol. 2