Former football star's company suffers colossal losses

A former Spanish football star has seen his company accumulate losses, to the point that he is digging into his own pockets to keep it afloat.

World champion in 2010 and winner of the Champions League in 2013, this former Spanish star saw his entrepreneurial career take a nosedive as his company accumulated a deficit. The New Fitness Group, which he owns, had accumulated €1.3 million in debt. To avoid a more than delicate financial situation, Fernando Torres had to dig deep into his own pockets, injecting €758,480 into his company's capital to get it back on track.

The group, which employs around fifty people, is made up of Oscar Melendez, CEO and partner of Fernando Torres, as well as the footballer's ex-wife, Olalla Dominguez, who heads the board of directors. The former La Roja striker's company operates five fitness centers in Madrid but is struggling to get off the ground. This is a difficult economic context, especially since the company has struggled to recover from the Covid period. During the pandemic, the group attempted to recover €800,000 in compensation from the government to compensate for the health restrictions it endured between 2020 and 2021. This request remained unsuccessful despite a hearing with the Spanish Supreme Court.

While this year's losses of over €90,000 remain lower than the €165,000 deficit last year, Fernando Torres is willing to dig deep into his pockets to keep his fitness center business afloat. Despite the financial difficulties, Nine Fitness celebrated its tenth anniversary last year.