The District Court of Madrid has repealed the ruling of a Spanish arbitration committee, issued in June last year, that required Puma to pay €98 million in compensation to Estudio 2000, after the termination of this company's license for the Puma brand in Spain at the beginning of last year. The arbitration committee had granted all Puma trademark rights in Spain to Puma AG, but only if it made a one-time payment of €98 million to Estudio 2000, a footwer manufacturer based in Elche, near Alicante. But Puma appealed and the District Court of Madrid has repealed the entire ruling, meaning that the situation is the same as before the arbitration proceedings, with both Puma AG and Estudio 2000 owning some trademark rights. Puma is considering all options to secure all its trademarks in Spain, which could lead to a settlement, renewed arbitration proceedings or a court case. In the meantime, Puma said that the Spanish subsidiary it established in Barcelona last year was performing in line with its expectations, and it was not aware of any trading in Puma products by Estudio 2000 since the arbitration ruling.