Athletic Club Foundation and Grupo Orbere reach agreement on rescission of Enterprise Club management contract

The Athletic Club Foundation and Grupo Orbere have reached an agreement to rescind the contract they had signed on 16 June 2006 for the creation, development and management of the “Athletic Club Foundation Enterprise Club”.

After holding several meetings during the last three months, the Athletic Club Foundation has decided to end the relationship that bound both organizations through the mentioned ‘Enterprise Club’, whose function had been contracted for a term of five years, with annual renewals past that period.

The relationship between the parties has concluded on friendly terms, since Grupo Orbere has decided to renounce, as an act directed toward the correct operation of Athletic Club and its Foundation, to the 250,000 Euro compensation stipulated in the case of premature contract rescission by either parties, being finally set at 100.000€, as compensation for expenses incurred by the consultants in the development and management of the ‘Enterprise Club’ during the 2006-2007season. This amount will be paid in two instalments, 50% in January 2008 and the remaining 50% in July 2008.

Grupo Orbere and the Athletic Club Foundation collaborate with the objective of maintaining a close relationship between the Athletic Club Foundation and the companies that make up the Enterprise Club. On their part, the member companies of said Club will see their benefits guaranteed and enforced, in each case, in their agreements with the Foundation, through the new Athletic Club Foundation re-launching project.

The Athletic Club Foundation would like to thank Grupo Orbere for the attitude they have shown in the satisfactory and friendly resolution of this contract.

Finally, both parties consider themselves satisfied with the agreement; they recognize and value the effort made, and they trust that the results will benefit everyone.