Racing Santander board resigns en masse

Posted Saturday, October 29, 2011 by YAHOO Sport

The board at Racing Santander has resigned en masse, with the exception of majority shareholder Ahsan Ali Syed, the Spanish top-flight club announced on Saturday.

"Members of the Racing Santander board (with the exception of the WGA company, represented by Ahsan Ali Syed) have decided to tender their resignation," read a statement on the club website.

"The motive for this decision is to avoid placing the club in a situation of conflict and tension that could jeopardise its unity."

Racing are currently second-bottom in La Liga and are experiencing financial difficulties, having been declared bankrupt in July this year and placed into administration.

Syed bought the club in January but has yet to clear reported debts of 30 million euros ($42.4m).

Club president Francisco Pernia was among the board members who resigned.

He incurred the wrath of the club's fans earlier this week when he revealed on Spanish radio that he had treated himself to a luxury car at the club's expense.

To add to Racing's woe, coach Hector Cuper is currently under investigation by prosecutors in Naples over his suspected involvement in a match-fixing ring.

The Argentine coach, who is due to be interviewed by the Italian authorities, has denied all the allegations.