Judgment of the General Court (Fourth Chamber) of 12 March 2020.#Valencia Club de Fútbol, SAD v European Commission.#State aid – Aid granted by Spain to certain professional football clubs – Guarantee – Decision declaring the aid to be incompatible with the internal market – Advantage – Firm in difficulty – Private investor test – Guidelines on State aid for rescuing and restructuring firms in difficulty – Amount of the aid – Recipient of the aid – Principle of non-discrimination – Duty to state reasons.#Case T-732/16.