As a result of the Regional Government not paying installments due to some sports clubs since March, many sports clubs have defaulted in repaying banks for sports infrastructures.
Since these investments were made in name of the clubs and directors had to personally underwrite the loans, many are now being held personally accountable by the banks.
The Diário writes that as a result, some directors have been put on the Bank of Portugal blacklist and are now considered high risk customers. Their private and business lives are being very negatively affected.
Last Saturday, Jaime Freitas, Regional Secretary of Education and Human Resources, in an interview to RDP Madeira, referred to certain sports directors as ‘mercenaries’ .
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