MADRID, July 30 (Xinhua) -- The Spanish Football League (LFP) has confirmed that as of June 30, 2014 the country's professional football club's owed 482 million euros (646 million US dollars) in unpaid tax revenue.
Despite the debt, the LFP highlights that this is 25 percent down on the same time last year and says the reduction is due to the fact that clubs are "successfully following the economic control measures which were adapted".
"On June 30, 2013, the debt was 647 million euros and the comparison of the two figures shows clearly the descent of the debt, which has fallen by 165 million euros in the period of 12 months," commented the LFP on Wednesday.
The main reason for the decline are the drastic spending cutbacks introduced by the majority of clubs in Spain, with only FC Barcelona and Real Madrid, who earn around four times more TV revenue than any other club in Spain spending heavily in the transfer market this summer.
League champions, Atletico Madrid have also invested over 80 million euros in players, but that has largely been financed by the sale of striker Diego Costa, defender Felipe Luis and Adrian Lopez, whose sales have brought in 73 million euros.