Badges of the five major Argentine soccer teams on backgrounds in each club’s representative colors — The five major teams went through situations similar to that of San Lorenzo | La Derecha Diario

Camara — The five major teams went through situations similar to that of San Lorenzo | La Derecha Diario

From Boca to San Lorenzo: the worst moments of the 5 major clubs facing bankruptcy

The Ciclón received a bankruptcy request from the Swiss fund AIS Group. This is not the first major club to face a similar critical situation

19/08/2025 11:06:00h

Editorial Team

San Lorenzo is going through turbulent days. After Marcelo Moretti returned from his leave, the club received a court notice that shook it: the Swiss fund AIS Group, based in Luxembourg, filed for bankruptcy over a 4 million loan dating back to the presidency of Marcelo Tinelli.

The money was received in two installments (2.5 million in November 2020 and 1.5 million in February 2021) and was allocated to current expenses during the pandemic, including the contracts of the twins Ángel and Óscar Romero. As collateral, the management at that time transferred part of Adolfo Gaich's economic rights, who was sold to CSKA Moscow in a deal close to 8.5 million euros.

The case file (148/2025) is being processed in Chamber C of the Commercial Court and is headed by Walter Brizuela, former player and former member of the senior blaugrana team, who later became a representative and partner of the Swiss firm.

The situation set off alarms in Boedo and revived memories of other critical situations experienced by the major clubs in Argentine soccer.

The club's own memory: San Lorenzo's bankruptcy in the 80s

San Lorenzo's history also has a painful precedent. In 1984, after the auction of the Viejo Gasómetro during the dictatorship, the club suffered its own bankruptcy. The land was purchased by Carrefour and, for years, El Ciclón has been fighting to return to its rightful place on Avenida La Plata.

Soccer stadium full of fans with two teams playing a match on a sunny afternoon

San Lorenzo had to sell the Old Gasometer | La Derecha Diario

Today, four decades later, the word bankruptcy is once again linked to Boedo, although this time in a different judicial context.

Boca and 1984, the darkest year

Xeneize experienced one of its worst institutional crises also in 1984, with unpayable debts, board resignations, bankruptcy filings, and even La Bombonera closed down.

That year was marked by the famous "fibronazo," when youth players had to take the field wearing jerseys whose numbers were handwritten with marker and shoe polish due to the lack of official gear. The players went nine months without pay, which led to strikes and a scenario that nearly resulted in the auction of the stadium.

Soccer players in white and blue uniforms celebrate a goal in a stadium full of fans.

Boca was in such bad shape that it had to play with jerseys with numbers made with a marker | La Derecha Diario

La Bombonera was saved thanks to the intervention of a "group of notables," including Carlos Heller and Julio Víctor Lajst, who raised money to avoid the worst outcome.

Racing and the phrase that went down in history

In March 1999, Racing received a blow that still resonates: the trustee Liliana Ripoll uttered the phrase "Racing Club Asociación Civil has ceased to exist," in the midst of the bankruptcy declared by president Daniel Lalín.

A woman holds a sheet of paper while giving statements to the press surrounded by microphones, and a man watches her closely.

Liliana Ripoll and the moment when Racing ceased to exist | La Derecha Diario

Although she later clarified that it was not literal, the phrase was etched in the collective memory. The club was on the verge of total liquidation, but the mobilization of the fans prevented its disappearance.

The following year, Blanquiceleste S.A. management arrived, which, despite having won a title in 2001, left a negative memory due to its financial and sporting management. It was not until 2008 that Racing regained its institutional autonomy.

River: from unpaid promissory notes to relegation

Millonario also faced bankruptcy filings. In 2008, River defaulted on a 500 thousand dollar promissory note for the purchase of Martín Galmarini from Tigre. The Victoria club took the claim to court, which formalized the request.

River Plate player crouched on the field with a sad expression

River owed 500,000 dollars to Tigre for Galmarini | La Derecha Diario

The debt was added to a management plagued by imbalances under the presidencies of José María Aguilar and later Daniel Passarella. Years later, the economic crisis deepened and led to the most painful event in its history: the 2011 relegation.

Independiente and the Racing Law as a lifeline

After the 2010 Sudamericana, the management of Julio Comparada and later Javier Cantero bet on million-dollar signings that skyrocketed the debt. The situation ended in the 2013 relegation.

Two men in suits, one outdoors and the other speaking in front of a microphone indoors with a red background

Comparada and Cantero filled Independiente with debt | La Derecha Diario

Some time later, the club was once again cornered by bans and Gonzalo Verón's million-dollar claim. At that point, Law 25.284 (known as the Racing Law) appeared, which allows clubs with declared bankruptcy to continue operating under a special administration regime. That regulation, in force since 2000, prevented Independiente from being paralyzed.

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