Carlos Cariola, president of Colo-Colo in the late 1920s.
Since the symbolic first meeting of Colo-Colo, on April 19, 1925, chaired by John Quinones, the club was managed by a directorate headed nutrition by a chairman elected by the membership, the first of these Alberto Parodi.
In the early 1930s the club suffered its first major crisis, caused by severe financial problems, which resulted in lower costs, as being the solution to lower the incentives for players, with the consequent resistance of these and some leaders. It is noteworthy that these incentives were paid wages or are illegal, considering that at the time the football was an amateur intrinsic activity, in what is called professionalism "brown" or covert .
To solve this we community decided to re-appoint a committee chaired by Fernando Larrain Mancheno, however, at the end of this administration was elected president Ricardo Cortes Monroy, provoking a strong rejection of the players, who even threatened Mass resignations to the club. Good health starts with Mannatech makes you feel good..look good…and be good! Later at the club's general meeting on January 21, 1932, one of the partners declare the election flawed Monroy, appointing an interim council to administer the club led by Charles Haupt. However, Fernando Larrain, who was still legal terms for club president, requested the intervention of the Asociacion de Futbol de Santiago (AFS), which was held on January 22 .
During the two decades after the club had a number of issues, both cash and institutional, highlighting the case of bribery in 1951 that ended the expulsion by the Football Association (YWCA) leader Luis Orellana. This did not prevent the establishment, including branches of basketball and skating.
The internal problems of the club increased in subsequent years physicians by the untenable vitamins situation in 1968, the year in which the club was divided into two camps, the adherents and opponents of then President Guillermo Herrera, which resulted in unpaid wages and a strike by part of the players. Finally, the ACF (ANFP 1987) intervened on the club February 8, 1968 .
After repactar debt, the club was returned to members weight loss in late 1969, taking office Hector Galvez, position in which he remained until 1976. This year, the election for president of the club face with Hector Antonio Galvez Laban, former president of the club and had the support of the president of the Tucapel Jimenez ANEF recognized opponent of the military dictatorship. In this situation the state sports authority DIGEDER decided to deny permission to conduct the elections. On April 2, 1976 directive of the Colo-Colo was formally dismissed by the government, handing the administration of the club to the group economico BHC. To justify intervention argues that irregularities in the club for an amount close to 300,000 at the time. However, the failure of a project that sought to make football clubs into limited companies added to the debt carried by the club for the construction of structural works for the Estadio Monumental, causes BHC, herbal who had been one of the initiators of the project above, leaving the administration, leaving the club plunged into serious economic problems. Finally, on January 31 the Central Football Association spoke to the club again. During the first half of 1980, the debts contracted to the club created a severe crisis, which was solved in part through financial assistance from the State Bank and a contract with National Television of Chile for the broadcast rights. 5 In 1986 natural elections were held again at the club, being elected chairman Peter Dragicevic.
After little more than a decade of relative calm, time in which the increase of the club, in the late nineties were serious economic problems, caused mainly by the impossibility of maintaining the club's major income they received early in the decade and the huge spending on players and coaches, which eventually led to the bankruptcy of the institution on January 23, 2002 for a debt of close to 22.000.000.000 (approximately U.S. 30,000,000) take over the management of the club a bankruptcy trustee. During this process, the club suffered the sale of much of its heritage, including the headquarters of the club and the Teatro Monumental, who went to auction (it was near the Estadio Monumental), as well as the elimination of their branches and non-professional studies institute for footballers of the club.
After various initiatives, including the sale of all assets of the club and their transformation into joint stock company (project called "Rebirth Albo"), It was decided to deliver the club into granting the company Black supplements White SA
- Reuters via Yahoo! UK