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Soccer players faces accusations of tax evasion

They allegedly used offshore companies.


Fabio Coentrao. Fabio Coentrao. Expandir Imagen
Fabio Coentrao. Archivo

The provincial prosecutor of Madrid has filed a complaint against soccer players Radamel Falcao of Monaco and Real Madrid's Fabio Coentrao for alleged crimes against the public treasury for hiding millions of dollars in revenue. 

In both cases, the players allegedly used companies to hide their gains for image rights between 2012 and 2014, according to charges released Tuesday.

The prosecution, which acted on the basis of a complaint by the Spanish tax authorities, accuses Falcao of "two crimes against the Public Treasury during the years 2012 and 2013 that reached 822,609 euros and 4.8 million euros, respectively." 

According to the complaint, in August 2011, two days after signing his contract with Atletico Madrid, the Colombian player "signed a contract simulating the transfer of his image rights to the company Fardeys Overseas SA, domiciled in the British Virgin Islands.

On the day following this contract, Fardeys Overseas ceded the player's rights to "the Irish companies Multisports & Image Management Limited and Polaris, who from that moment on would begin to exploit the player's image rights", according to the same complaint. 

The prosecution considers that Falcao did this so that "the revenues derived from their image rights" obtained in 2012 and 2013 remain "opaque to the Spanish Public Treasury." 

According to the complaint, these companies together with another company based in Colombia obtained income of 5.6 million euros which, according to the Public Prosecutor's Office, should have been taxed in Spain. 


The case of Coentrao is similar, as he is also accused of ceding his image rights in July 2011, a few days before signing with Real Madrid, to Rodinn Company Inc., based in Panama, which in turn also ceded them to Multisports & Image Management Limited, based in Ireland. 

According to the prosecution, Falcao maintained "such corporate structure in order that the revenues of his image rights obtained from 2012 to 2014 through Rodinn Company Inc. and Multisports & Image Management Limited and remain at 1.3 million euros."


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